GST: A Wave of Change after Midnight
- Author: Joanne Flowers Jul 01, 2017,
Jul 01, 2017, 5:03
"If the Congress's only objection with the GST Session was with midnight timing it is not a valid point".
Siddaramaiah, Karnataka CM: The Karnataka Chief Minister said that he was opposed to the new tax regime being used as propaganda tool.
Thus, by adopting a high effective GST, even though there will be a bump in the revenue collection in the short run, in the long run, the governments' revenue may be less than what would have been possible with a lower tax rate - not to mention the welfare loss due to higher tax rate. Earlier, these services were levied with 14.5% tax.
Over 1,200 items, from shampoo to tea to automobiles, have been put in four broad tax categories.
The International Monetary Fund forecasts that the GST will eventually lift India's gross domestic product growth back above 8 per cent. "I hope they (Congress) realise by evening and re-think and join us in the Central Hall", Naidu said.
The GST rollout will provide much-needed competitiveness to India's shipments by reducing transaction cost, Federation of Indian Exports Organisations said today. The initial hiccups will be many and it is imperative for the government to set up dedicated offices in each state to address grievances and offer clarifications to traders.
The SP, which had initially announced the boycott, did a somersault by attending the event, saying it found no problem when the party had supported the GST bill in Parliament. Rough diamonds will be taxed at 0.25 percent rate and gold at 3 percent. So companies often choose warehouses for their inventory based on tax considerations. Come Friday night, Central Hall in Parliament will bell Goods and Services Tax (GST) across the country. GST on goods of mass consumption will hit the poor and middle class. It brings hope for a better future. While bigger businesses with deep pockets and resources are more or less prepared to migrate to the new regime, small businesses may have a tough time to comply.
Manu Punjabi: GST is very good Idea rolled out by Indian government. They assured the government that benefit of price reduction would be passed on to consumers. It is absurd to assume that the element of tax will decide at what price I sell my goods.
"With this, India has become one market of 125 crore people now". At present, there is 2.5% customs duty and 2% countervailing duty, or CVD, on imported coal.
Spot market activities have begun to sag in India, as end-users of thermal coal, both imported and domestic, brace up for the new unified tax structure, effective July 1. "However, normal monsoon, boosting agricultural economy and hike in allowances to government employees will propel demand during the forthcoming festive season", said Kamal Nandi, business head and executive vice-president at Godrej Appliances. State restrictions and levies have complicated e-commerce.
Note that holders of a particular state bond are not limited to the residents of that state. My family at Tinsukia sometimes faces such issues.