GST implementation won't affect Smartphones pricing in India

Jul 02, 2017, 01:01
GST implementation won't affect Smartphones pricing in India

"J&K has a different system because of the Article 370 giving it special status".

Although companies like Raymond Limited, Aditya Birla Group and Arvind Limited from Gujarat has supported GST, it is small traders and businesses across India, which are concerned about the new tax regime. Bhartiya Udyog Vyapar Mandal, a national traders association that claims 60 million members, called a one-day strike Friday to protest the GST. GST, he said, would ensure economic integration of the country. The Prime Minister said GST would lead to a modern tax administration which is simpler, more transparent, and helps curb corruption and described the GST as "Good and Simple Tax" which would ultimately benefit the people.

Some eateries were seen handing out bills displaying state GST as well as central GST applied on the sale. The new tax will boost the country's fiscal health in the medium-to-long term, wrote Eurasia Group analysts Shailesh Kumar and Sasha Riser-Kositsky in a June 28 note.

At midnight, President Mukherjee and PM Modi stood together and pressed a buzzer to launch GST.

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"We are setting India's roadmap with GST", Modi said.

But the prime minister, who has put huge efforts into the economy as he targets re-election in 2019, acknowledged there would be teething troubles.

President Pranab Mukherjee signalled the formal launch by pressing a button.

"(It) will truly enable us to build a New India", Jayant Sinha, a federal minister wrote in the Times of India.

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Finance Minister Arun Jaitley said India needed to evolve a mindset where paying taxes was the "new normal" in order to move from a developing nation to a developed one.

HSBC estimates the reform could add 0.4 percentage points to economic growth. Finance minister Arun Jaitley and other Cabinet ministers, many chief ministers and senior government officials were also present.

Now due to cascading, exports still carry some embedded taxes, making them less competitive, he said, adding, the hidden effect of cascading means that the total tax incidence on domestic industry is not transparent. "It has pleasantly surprised everybody by completing its task on time", the President said.

While higher tax rates for services and non-food items are expected to fuel price pressures, compliance is feared to be a major challenge in a country where many entrepreneurs are not computer literate and rely on hand-written ledgers.

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In a few minutes from now, we will witness the launch of GST.

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