Goods and Services Tax (GST) can be a game-changer that propels India into the big league of developed nations, says Mamta Binani
It is reported that Bihar is the first non-BJP ruled state to convene a session to give its consent to the GST Bill
According to analysts, MSMEs remain the area of concern
New tax law does not seek to include oil and gas products as well as tobacco and liquor under its purview
PM Narendra Modi said, GST is a tax that will bring equitable regime and turn the country into one market
To tackle the problem of undue profiteering, there has to be some sort of price control and anti-profiteering Act, as was introduced in Malaysia
There are both positive and negative impacts of the tax, but the net result for the sector is advantageous
As industries will switch towards consolidating their warehousing infrastructure, the demand is expected to shift in favour of bigger trucks
GST Bill needed to be ratified by at least 15 state legislatures before President can notify GST council to decide new tax rate
The report also stated that technology will form the backbone for this transformation, acting as both an enabler and disruptor
Lower GST rate might have a negative impact on the sector
Manufacturing units in J&K and northeast gets excise benefit by way of refunds, those in Himachal Pradesh and Uttarakhand get outright exemption
He was speaking at the launch of a MSME database portal and Finance Facilitation portal
Interview with Revenue Secretary
GST would grab the power of the states and the central government would be more powerful in the new tax regime, said Sarkar
The assembly session has been called from August 22
He said the passage of the GST Bill augurs well for the growing political consensus for economic reforms
Taxes on health, excluding medicines, could rise from 8.8 per cent currently, to around 13.6 per cent - an increase of 4.8 per cent
Say it must be made clear how exemption and taxation will work in case of incorporates and whether 'sharecroppers' were included too
The Lok Sabha on Monday cleared the amendment as passed by the Rajya Sabha last week