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Goods and Services Tax (GST), biggest tax reform since Independence has been finally implemented across the country from 1st July. On one hand, Government has exempted education sector till higher secondary in the new regime while on another hand coaching classes, certification courses, training programs have been placed in the slab rate of 18 percent.
GST (Goods and Service Tax) is one of the biggest tax reforms since Independence in India and it is going to roll- out from 1st July. Several businesses and industries are not readily prepared for the new indirect taxation regime.
According to the previous provisions, a works contract is a combination of transfer of goods and services. While under GST regime, the service tax is applicable for work contract only on service part.
Apart from the regular tax slab, the GST council has decided 3 percent GST on gold. It is a positive move towards the jewelry association and their growth as the sector was demanding lower tax rates earlier.
Goods and services tax will be developing some tough situations for the business units to survive with the hectic compliance issues. As it is speculated that small and weak credit profile companies will be having more difficult issues.
The government of India brought some agriculture portion under GST regime like contractual farming from which big retail chains & Quick service restaurants (QSRs) may see their impact as they provide contracts to a farmer for growing specific agricultural products which directly sold by them in malls would now attract GST.
Paint has a noteworthy contribution to real estate and automobile divisions, but the GST rates burden was the main cause of its slowdown after its implementation.
Indeed, even as the economy is getting itself together post-note boycott stun, the usage of goods and services tax(GST) is likewise liable to bring about genuine interruptions, Avendus Capital Alternate chief executive Andrew Holland said on Tuesday.
A senior official said that the Goods and services tax will benefit the warehousing sector with ongoing taxation issues in logistics and transportation expected to be sorted out.
