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Indirect taxes have always been contributing more than direct taxes to the Government’s Revenue. Services solely contribute a major part of the whole Gross Domestic Product (GDP), subsequently, it shows the major contribution of Services in taxes also.
Reserve Bank of India (RBI) governor Urjit Patel said that the implementation of the goods and services tax nationwide will provide flexibility to the economy. He further said that the demonetization of higher currency notes will embrace a significant change in long-term. The quotes were mentioned in the Financial Stability Report published by RBI.
To promote exports from India, Government has provided various exemptions and incentives to exporters both at the central and state level and provide specific support to some industries and markets where exports would be of special value.
GST impact on electronics industry is slightly negative as there are many products which are liable to be under lesser tax slab but still reeling under heavy tax pressure.
All under-construction properties will invite a GST of 5 per cent with no input tax credit. However, GST will not be applicable to ready-to-move-in properties.
It has been about 2 months since GST was implemented in the country. The main aim of implementation of new tax regime is one nation, one tax, one market.
GST is the biggest tax reform in India after the Independence. We have taken almost 60 years to pass a tax bill in which a uniform taxation system will be implied to all over the nation.
Here in India, the maximum population is middle class and lower middle class where people either belong to service class or they depend on agriculture for their living. In this scenario, the most important question is what will be the impact of GST on a common man or a middle-class family. There are lots of question in the mind of a common man in these days such as : Is there anything new for him or it’s like an old material in a new package? Is there any tax refile for him in new tax provisions or it will increase the prices of goods and services for him?
As seen from very long, the GST Debate is going well with enormous talks going again and again in parliament, Lok Sabha, Rajya Sabha and where is needed to reform the taxation scheme currently prevailing in India. Till today, Indian business units are running with basic indirect tax scheme which includes various steps and channel gates by which a tax payer has to undergo.
