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The automobile Industry is very hopeful with the GST regime as the government is very cautious particularly for this sector. The industry of automobiles is tremendously big which tackles the manufacturing of a very large chunk of cars and bikes every year.
The government is striving to meet the GST deadline which is proposed on 1 April 2017. The implementation date for the goods and services tax is highly crucial and the Govt don’t want to extend it further as the bill has already been late, said finance minister Arun Jaitley.
India’s web of telecom industries is world’s second largest wireless market, which includes over a billion of active users. The scales shown by them shows their efforts to become one of the biggest success stories of the country. Work done by these firms literally have revolutionized the lives
BJP MP Subramanian Swamy said that it is quite impossible to implement the GST completely and value its functionality in a proper manner unless the private companies get replaced with the state-owned companies in the GST network. This will work as a backbone to the new indirect tax regime.
Industry demanded 18 per cent GST rate as it finds that the April 2017 deadline is hard and will likely generate tax buoyancy without controlling inflation. Industry also demanded relaxation in the penal provisions. According to the sources, the Industry when holding meeting with the state finance ministers said that it is hard to meet the deadline in 2017 as they need sufficient time to develop the IT infrastructure.
The nation has seen the clearing of GST Bill with much more anticipation and the government was also seen in all support with this new tax regime. After all, the GST has something very special to provide for the citizen of India. The said bill is said to subsume all the current indirect tax prevailing in the country.
The Goods and Services Tax (GST) regime is now ready to give a boost to the growth of the warehousing and logistics industry in India. New warehousing hubs are set to establish better facilities and better transportation and logistics services across the nation. According to a real estate consultancy firm JLL India, the implementation of GST has played a key role in the development of e-commerce giants and they will be able to choose a wide range of services across the country. It will undoubtedly benefit the logistics corner and offer cost saving on the consumer end. The GST bill has been implemented from 1st July 2017 and the government will facilitate E-filing of GST through online portals for filing procedures. With the advent of goods and services tax, it is also the support of e-commerce industry to further take the industry more worthy. As the scenario has changed a lot, the online shopping demands a firm supply chain to cater the needs of the general public.
The newly implemented indirect tax regime is influencing the agriculture industry and farmers due to the 5 per cent GST rates on agricultural products.
Under the GST regime, the nation is likely to witness a transformation in the working of businesses. All the sectors are keen to know the consequences of the GST. some are happy with the decision and welcomed the proposal in a healthy way but there are some sectors that have witnessed certain loss after GST.
