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Monday, 12 Jun 2017

Government all set to roll out GST - One Nation, One Rate

 

The government of India is all set to introduce the biggest tax reform post-Independence, ‘Goods and Services Tax’ (GST) from 1 July, 2017. The council has broadly divided these GST rates at Nil, 5, 12, 18 and 28 percent. A total of 1,211 product lines are covered under this slab. The states would receive a provisional compensation from Centre for loss of revenue due to abolition of taxes such as VAT, octroi and implementation of GST. The compensation will be met through levy of a 'GST Compensation Cess' on luxury items and sin goods, for the first five years.

 

The move will even out the overall price being charged on goods and services. But its impact on various industries such as manufacturing sector, service & utility, etc. will be different. The move will boost competitiveness and performance in various sectors.


Under the GST regime, the prices of capital goods are expected to come down. This in turn will help the 61,000 projects currently under various stages of implementation across India.

 
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