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In a fortunate turn, the upcoming Goods and Services Tax Network will not be affected with the latest circulating ‘WannaCry’ virus attack which has taken hostage thousands of computers and cybersecurity into its hands and has been demanding ransom in Bitcoins to release the server of the computer from its encryption locks.
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.
The SME (Micro, Small and Medium Enterprises) sector of India is going through a major growth phase and is also considered as a significant leader in the expansion of the economy for many years. And by the statistics provided by the SME Chamber of India, the SME industry is a major contributor with almost 45 percent in the industrial output and making 40 percent of the exports.
Goods and Service Tax is going to roll out from 1st July 2017 and about seven weeks left for the implementation of GST in India. Indian companies are in hurry to gain knowledge from the tax experts which helps to prepare the accounting and information technology systems in their business units or enterprises.
According to the Satish Chander, Director General, Fertilizer Association of India (FOI), the DBT in short to medium-term will be a big challenge for the industry because under this the payment of subsidy is shifted to purchase by the farmers and they purchase only four months in a year.
Goods and services tax in India will be very much positive for the automobiles sector as the tax regime holds the efficiency to remove the cascading effects of the current tax scheme.
An unexpected revenue has been garnered by the global accounting firms in lieu of their consulting for all the business firms who are seeking their advice upon GST.
There are various rules and regulations which emerge while GST refund process. The GST refund will be needed to properly maintained under the GST as even a slight delay in the refund process will impact the working capital and cash flow of the manufacturers and exporters.
As per the reports, the pharmaceuticals industry has already started to de-stock and also returned their stock to the supplier companies for that same reason. Also, the GST council has given that the daily necessary items would be in the lower category of tax which has hinted the traders to de-stock their already available stock within their premise.
