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Qatar’s RasGas, the biggest LNG exporter to India, today looked for incorporation of gas in the Goods and Services Tax (GST) administration to make assesses on the green fuel uniform and extra purchases from falling different duties.
As GST is almost ready to implement from April 2017, every organization has started to make future strategies. Currently, Indian drugs are exported to more than 200 countries in the world. India is the largest provider of Generic drugs medicines globally and expected to expand further experiencing a boom in medical industry which will help in generating additional returns for the Industry.
The government from both the polarities of center and states still can’t decide the dual controller of assesses which will be proposed under the GST impact. Finance minister Arun Jaitley said that The meeting has remained incomplete. Discussions will continue on November 25.
Mutual Funds as people believe them to be a commodity or asset management tools may get a price hike, as speculated by the Association of Mutual Funds in India (AMFI). The association leading body meets up with GST Commissioner Upender Gupta and discussed with him about the concerned issues regarding this matter.
Section 7 of Modal Law GST, The charging section provides that all intrastate supply would be liable to GST, Rate of Taxes, Manner and collection of Tax and the Person who are liable to pay such Tax.
The Media industry in India is known for growth at a faster rate. India is globally the fifth largest media arena. Penetration of smart-phones and the Digital India initiative have led to a spurt of activities in the digital sector.
The announced GST rates have certainly created a buzz over the market both domestic as well as internationally. The Council has decided for a multi-tiered structure of 0%, 5%, 12%, 18% and 28%. The fluctuations of tax rates are highly in flow throughout the nation.
The tourism industry is going in a miserable position as many of the expectations are sticking towards the upcoming GST. As speculated the GST council fixed tax rate over the hotel and tourism industry close to 28% along with full input tax credit return which is considered very high in terms of the highly volatile market.
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.
