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GST migration is nothing but transfer of existing client data from older system to the new system (GST system). The objective is to help existing clients to do business without any hassle, sort out inconsistencies and get ready for smooth transition towards the implementation on the date April 1, 2017. This is going to be a challenging task and will give us a clear picture of where are all the things stand.
The Media industry in India is known for growth at a faster rate. India is globally the fifth largest media arena. Penetration of smart-phones and the Digital India initiative have led to a spurt of activities in the digital sector.
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.
Nischal Maheshwari, Head Edelweiss Securities in his interview with a prominent news provider discussed some basic facts and issues regarding GST and its impact on various items as stated by him that consumer goods and white goods are no luxury goods anymore.
The tourism industry is going in a miserable position as many of the expectations are sticking towards the upcoming GST. As speculated the GST council fixed tax rate over the hotel and tourism industry close to 28% along with full input tax credit return which is considered very high in terms of the highly volatile market.
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.
Education is one of the major sectors of any economy. The education of country’s youth will decide how the economy of that country will flourish. Education promotes understanding, vision, creativity and productivity of people which helps in the advancement of a country. In India, Education is provided with both by the public as well as private sector.
Government’s recent proposal to consider petroleum products under GST is a welcome move towards the rationalization of GST regime. Products like kerosene, naphtha and LPG will be under GST regime while the other items like crude oil, natural gas, aviation fuel, diesel, and petrol are out of GST regime during the initial years.
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.
