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Goods and Service Tax will be having a tough time to sail through the economic corridors as the prime minister is seeking different ways to wipe out all the black money from the country. The decision to demonetize all the high-value currency notes have taken a big hit over the hoarders who were building a set of conspicuous plans against the economy and its growth.
The government has finally taken three bills namely The Central Goods and Service Tax Bill, the Integrated GST and GST (Compensation for Loss of Revenue) to the parliament for the consideration and passage in winter sessions upcoming from next week.
The mutual funds are a great source of funding towards a particular commodity and with the effect of GST, it has soared a price upon itself a bit more.
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:
