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Goods and services tax has a direct effect on the exports of India as many of the revenue subjects are associated with the industry.
It has been found that the Indian traders are getting hands on the comprehensive economic agreement (CEA) with South Korea for the illegal track of gold to devoid import duties applicable for getting bullion in the country.
It is a cleared by the government to the trading communities that the piece of cloth invites only 5 percent GST but if the retailer sells that cloth, after binding and stitching it into a suit, may also attract a tax rate of 12 percent. This ensures that the different variety of clothes and their making will also reflect different slab rates on the clothes sold.
Goods and service tax has proven a heavy tax scenario on to the Ambulance category vehicles as 10 to 13 seater Ambulance vehicles are now completely halted for sales. According to the industry experts, the issue which has been concluded is that the ambulance vehicles are not on the list of exempted items. And without the exemption, the ambulance vehicles are bound to be sold at the higher slab rate of 28 percent tax.
Several renowned FMCG companies such as Dabur, Hindustan Unilever (HUL), Marico, Emami have performed both ‘well and hell’ in the first quarter after the implementation of GST while also, their sales have not been influenced due to destocking of GST, said industry experts.
Arjun Ram Meghwal, Minister of State for Finance and Corporate Affairs said that The Central Government is looking to reduce the tax slab rates in the newly implemented GST Regime.
Recently in the research done by an economic survey which was also presented in the Parliament, Stated About formed structural positiveness in the second thought
The newly released economic survey mentioned clearly that the achievement of expected GDP is somehow very difficult to retain at around 6.75 to 7.5 percent. It also suggested that the there should be more reduction in the interest rates which will increase the flow of the economy.
Following the implementation of GST in India, many shopkeepers are glad because of the reduced rates of their products while many others including the sweet sellers of West Bengal are unhappy because of increased tax rates on their products.
