Ready or not, Indian businesses brace for biggest-ever tax reform
Ready or not, Indian businesses brace for biggest-ever tax reform
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29 June, 2017, 09:03
Protesting against the Goods and Service Tax (GST) on textiles, cloth merchants in Agra initiated a three-day shutdown on Tuesday. Moreover, the State will not suffer any financial loss due to implementation of the GST regime as any loss occurred during the initial stages of the new regime will be compensated by the Government of India.
The teams of various plants and units of the company have undertaken special initiative and drive to educate vendors, customers, contractors in addition to awareness programmes for educating its employees to ensure smooth switching over to the new system of tax administration. The goods and services (GST) tax is scheduled to roll out on July 1, 2017.
GST for the textile sector was announced only in the first week of June.
Entertainment - Going to watch movies at multiplexes could become dearer for consumers following the implementation of GST in July, however, its impact will vary in different states.
For example, sugar price will fall in India once GST is implemented. Here tax will be collected at every stage. "This means that the liability to pay tax is cast upon the receiver and not the seller", says chartered accountant S Satish, Executive Director, RSM Astute Consulting Group. However, petroleum products and alcohol have been excluded from the purview of the GST and the States will have the power to impose Value-Added Tax on it. Imported phones and parts are meanwhile expected to cost more or less the same post GST.
Local players, are therefore, urging the Government for a level playing field where Make in India and Digital India can co-exist (and compete) with imported global goods.
"Many of raw materials suppliers are unorganised".
Sand lime bricks and fly ash bricks will be taxed at 5%, which is lower than the previous rate of 6%. "If the government does not find an amicable solution to our problems, we may call an indefinite strike".
They also apprehended that the small manufacturers would no longer be able to continue with the business and the Rs 50,000 crore industry will be affected, if the proposed five percent GST is imposed on the products.
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