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As we have seen that GST is a boon to the Indian economy as it increases the GDP of the country by 2%-3% which in turn increases the no. of taxpayers and leads to increase in tax revenue for the government. GST will favorably affect the Distributors or Wholesalers in the following way:
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.
Ajay Kanwal, CEO Asean and South Asia at Standard Chartered Bank, visited India as part of the Singapore business forum along with Singapore Prime Minister Lee Hsien Loong, was seated along with media personnel and shared some positive notes about the upcoming taxation reform GST in India along with future planning of the bank in the country.
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.
Electric vehicles have got much fame in recent years due to their economical maintenance and environmentally friendly behavior. Now the manufacturers of electric vehicles have demanded relaxation from GST on the basis of aforementioned facts. Also, the impact of the GST on the auto industry is expected to be fruitful according to leading automakers in India and the on-road price of vehicles will also go down under the GST regime.
The expert belief has suggested that Goods and Service Tax will bring some competitiveness into the MSMEs Arena. The Micro Small Medium Enterprise as of now scattered into organized and unorganized sector but both of them will come into an active position to meet the rumble. The said gesture was made by experts at manufacturing conclave which was held by Confederation of Indian Industries (CII) on Tuesday.
As the Government is preparing to roll-out the GST law by April 2017, the newly formed GST council has started considering some mechanisms in order to assure proper functioning of the GST regime. The govt is considering a price-monitoring mechanism under the goods and services tax (GST) to ensure that the benefits get applied effectively on any unwarranted price shocks. Meanwhile, the states are also showing their interest in the regulations carried away by the council over the GST.
GST is a revolutionary step in the indirect taxing regime, the most awaited Goods and Services Tax bill got the assent of President on the 08th day of September 2016 and became the Act. GST will be a single window for all Indirect taxes as it will subsume majority of the indirect taxes. GST is the thing which will reshape the Indirect tax structure and impact of it will be seen on its stakeholders. It is expected that it will increase the GDP by 2%.
Infosys CEO Vishal Sikka explains GST rollout as a challenging task and acknowledged the preparedness as not up to the mark but it can be possible if the time is utilized wisely before the deadline April 2017.
