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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.
The political tensions hovering over Kashmir may create a lag in front of the scheduled roll out of Goods and services tax in India. The state might delay the implementation of GST due to its uncertain political conditions prevailing. The issue can emerge in serious mode as the experts are claiming this will hamper the growth of the state.
Starting from 1st July, the Goods and services tax will be applicable and in return will demand a list of strict compliance. The government will be making a round of inspections and compliance rules to make sure no taxpayer evade the taxes along with proper follow up with the compliance.
Goods and service tax is approaching towards its scheduled deadline and is in the headlines of every news and publishing. While there are various queries and doubts regarding the information and rules regulation, there are general FAQ’s which might solve the questions of public in a easy and simple manner.
At a very positive note by industry experts, the GST is supposed to bring sheer blessings to all the Indian IT companies providing software products in the field of taxation. A pool of intelligent minds of the market was behind the comments and have also assured that the GST regime will take a total opportunity figure up to a staggering Rs. 6000 crores making the opportunity much more similar to the Y2K phenomenon at the corner of the millennium.
