Powerd By SAG INFOTECH
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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:
GST regime has been on its way towards the implication, and in this journey, the dream work of UPA government caught a seizure. Large Taxpayer Units are now in the black zone and will be closed down as soon as the new taxation regime comes into force.
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.
GST reform has been awaited for the next year and many folds of benefits are related to it, as by the research has given an indication. This time, GST is supposed to relax the warehousing parts of various companies owing big spaces in every state to reside their products. The reason behind every state agenda is to avoid the duplication of taxes while moving the goods.
All under-construction properties will invite a GST of 5 per cent with no input tax credit. However, GST will not be applicable to ready-to-move-in properties.
The biggest taxation reform of GST India has been considered well enough in both the house of parliament which notes down its significance and its power to fetch the benefits of 8 percent of additional investments of capital stocks prevailing in various sectors of the economy.
The consumer products manufacturing companies have started preparing their business model before the implementation of the GST. These companies have started remodeling the structure of their warehousing systems, IT infrastructure and supply chains ahead of the goods and services tax roll-out.
The central excise and customs department has declared a protest will be held stretching across the nation and a mass casual leave will be taken on ‘budget day’ to show off the discontentment regarding the issue of GST and its implementation.
It has been about 2 months since GST was implemented in the country. The main aim of implementation of new tax regime is one nation, one tax, one market.
