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The centre and its financial department are gearing up for the upcoming GST regime and some of the first reformations are being taken into the SEZ Zone acts. Banikinkar Pattanayak, a government official said that The government will soon tweak certain fiscal provisions of the special economic zones (SEZ) Act, as it gears up to introduce the goods and services tax (GST) regime in the country.
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.
GST ahead upon its arrival demanding various industries to be vigilant in their case as in latest scenario, All India Gems and Jewellery Trade Federation (GJF) Chairman Sreedhar G V stated that, We are now gearing up for GST and have proposed that the GST rate for the gems and jewellery sector should be 1.25 per cent if the government expects the industry to be compliant and organised.
Enrollment has been started from 8th November for all the states and the last date for GST registration will be running until 31st March 2017.
According to Japanese financial services major Nomura, Goods and Services Tax (GST) benefits are likely to increase over time and in the long run the indirect tax regime with strengthen tax revenues, boost economic growth. The benefits are expected to be substantial, predicts Nomura.
In consideration with subsuming the indirect taxes across the country, the government will introduce the GST compensation bill in the upcoming winter session of Parliament beginning next week. The bill will be presented in the light of compensating the states for any revenue losses encountered by stated under the GST regime as promised by the government.
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.
Finally, GST council stick to the four-tier rate structure of 5,12,18,28 percent. The council in its two days meeting has been striving for these rates for several months and now completed the discussion with these rates along with some modification of center’s proposal. The highest rates for other FMCG products are being stricken at 6, 12, 18 and 26 per cent.
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.
