Nagpur is one of the states that will be profited with the implementation of Goods and Service Tax Compliance in India because it is located in the centre. Aniruddha Ghude, the chartered accountant, said that, “To avoid unnecessary logistics costs, companies will be bound to set up manufacturing plants around the city because of its central location”.
GST will replace several taxes and a common unified tax will be levied at each stage of the supply chain. It is going to implement from 1st July 2017 in India.
Jain agreed with Ghude, said that, “With GST, every process will become centralized and will speak of uniformity, breaking the state boundaries. There will be no multiple VAT for states. One registration under GST will be applicable throughout the country.”
Someone who wants to import goods from the outside, Nagpur is located centrally which cover the entire country. Candidates will get straight 20% reduction in logistics cost and 5% on profit margin.
Clearing the concept of candidates, Ghude said, “An organization whose annual turnover exceeds Rs 20 lakh will be required to register for the GST and pay the taxes to the Government timely”. While on another hand, Menaria said, “However, if post registration, the organization’s turnover comes down below Rs. 20 lakh, the organization will still have to pay GST.”
Candidates confused about the proposed GST could safeguard MRP. Currently, the several Companies printed higher prices (MRP) on product and then offer huge discounts on the product which misleads the consumers.
Entrepreneur Amarjyot Singh said, “The uniformity that’s coming with GST was a much-needed thing. It will definitely bring ease in doing business. GST will unite India removing restrictions on inter-state movement of goods. Start- ups will not be benefited with the GST implementation in India. However, E- commerce industry will be benefited with this. Considering that a major chunk of start-ups deals in e-commerce, the start-up will be benefited.”
Recently, in Maharashtra VAT doesn’t apply to medicines and equipment related to cancer and kidney diseases. State finance minister Sudhir Mungantiwar had submitted a proposal to the central government to exempt these type of medicines under GST regime in India.
While talking to TOI, Ghude commented, “It’s a great proposal. But if the centre agrees to give the exemption to only Maharashtra, it will lose its core agenda of unifying the country through GST. So, if at all the medicines have to be exempted from GST, it should be uniform for every state.”
