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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.
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.
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.
A long talk was conducted recently with the President of Assocham Mr. Sunil Kanoria regarding the benefits and upliftments of Goods and Service Tax. He said that “By unifying all Indian states and Union Territories into a common market, GST will exponentially enhance the ‘ease of doing business’ for them and this can unleash India’s huge domestic potential.”
IATA (International Air Transport Association) has asked for some modifications in the Airline tickets rate under GST. According to IATA, the Aviation sector was already under high tax burden and GST should help the sector abide by global standards.
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:
Assam being the first state to take a step towards implementing GST as the registration process initiated which will be taking down the details of all the taxpayers and making them enlisted into the taxation list.
As earlier speculated, the GST can imprint various benefits over the nation’s economic structure. This time is it has proved to be well worth for the transportation and logistics industry. In a discussion with an imminent person of KPMG Advisory Services Rajeev Singh, Partner – Management Consulting was guiding over the matter of GST and its effects over various procedures currently running through the nation.
The Indian government has been looking to implement a diverse range of GST rates and it has been cleared from the finance minister itself when he spoke about the polluting products and their chances to attract higher GST rates.
