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More than 60% of India Inc feels July 1 GST rollout unrealistic: Poll As the government prepares for a smooth rollout of the Goods and Services Tax on July 1, captains of India Inc feel the industry lags in GST readiness. According to a poll conducted by CNBC-TV18, only 19 percent of India Inc is more than 80 percent ready for a July 1 GST-rollout. Over 45 percent of the industry feels it is 50-80 percent ready for the unified tax regime. Interestingly, about 62.5 percent feel that the July 1 roll out isn’t realistic given the government’s preparedness. The government has repeatedly been saying that it is ready to implement the game-changing tax reform from July 1. More than 60% of India Inc feels July 1 GST rollout unrealistic: Poll MoneyControl • Jun 01, 2017 10:46 PM IST As the government prepares for a smooth rollout of the Goods and Services Tax on July 1, captains of India Inc feel the industry lags in GST readiness. According to a poll conducted by CNBC-TV18, only 19 percent of India Inc is more than 80 percent ready for a July 1 GST-rollout. Over 45 percent of the industry feels it is 50-80 percent ready for the unified tax regime. Interestingly, about 62.5 percent feel that the July 1 roll out isn’t realistic given the government’s preparedness. The government has repeatedly been saying that it is ready to implement the game-changing tax reform from July 1. Over 42 percent feel that GST rollout should be deferred by two-months, while 31.2 percent feel the government should go ahead with the schedule. Firmly asserting the need to roll out GST on July 1, M& M’s chief Pawan Goenka told CNBC-TV18 that “Thirty days is a lot of time”. Even after the June 3 GST Council meeting, the government still has 27 days to power through the reform. One can expect chaos and confusion initially, but with time chinks can be sorted out, he added. While disruption related to paper work is bound to happen in the first 4-5 months, disruption in movement of goods and sales should not be much, he added. Much on the lines of Goenka's views Rakesh Biyani, Director, Future Group said GST is the best thing that could have happened to this country. There’s a big opportunity for government to get more investment in domestic textiles sector, he added. Meanwhile, nearly 27 percent of India Inc expects operational and financial losses due to GST, while 45 percent expects pricing to be marginally impacted. Other key highlights of the Poll Over 48 percent of companies say leniency on penalties key for smooth transition to new tax regime 56 percent of India Inc says undertaking compliance will be the biggest challenge 58 percent of companies want excluded sectors to be brought under GST in 1-2 years
Important info related to GST Registration The way forward: 1. If you are a Taxpayer having received Acknowledgement Reference Number (ARN): You should be able to download the Provisional Registration Certificate from “Download Certificates” at GST website from 27th June 2017. 2. If you are a Taxpayer, who has saved the enrolment form with all details but has not submitted the same with DSC, E-Sign or EVC: You will receive the ARN at your registered email ID, if the data given are successfully validated after 27th June 2017. In case of validation failure (data like PAN not matching), you should be able to login at the same portal from 27th June 2017 on-wards and correct the errors. You can refer the registered email for details of the errors. 3. If you are a Taxpayer, who has partially completed the enrollment form: You can login at the portal on the above mentioned date and complete the rest of the form. 4. If you are not an existing Taxpayer and wish to register newly under GST You would be able to apply for new registration at the GST portal from 25th June 2017.
GST Service : As you are aware that the Goods and Services Tax (GST), the biggest reform in India’s indirect tax structure rather we can say that the biggest business reform in India since Independence, at last set to become reality and which may be roll out from 1st April 2017. Here’s given below that how GST differs from the current tax regime, how it will work, and what will happen when it is implemented. Gst Service in Mayur Vihar .
GST regime: Food industry happy at lower levy, but branded wheat players sore The food and meat processing industry on Friday largely welcomed the new tax rates announced at the GST Council meeting in Srinagar, but some of them are concerned about certain GST fitment rates. While foodgrains and raw food items were exempted from tax, most processed products will attract lower taxes than the existing rates. “We will benefit from the decision as ready-to-fry products will attract only 12 per cent, against 14.5 per cent that we pay currently in most South Indian States where we operate, ” says Srinivas Shenoy, a senior official with the ₹300-crore Abad Fisheries Private Limited, in Kochi. In Karnataka, it is even higher at 15.5 per cent, he said. “The fitment of a GST rate of 5 per cent on edible oils as approved is more or less on expected lines. However, a GST rate of 12 per cent on soya bari and 5 per cent on soya flour comes as a disappointment, ” said Dinesh Shahra, Founder and Managing Director of Ruchi Soya Industries Ltd. “We hope that the government will relook at the GST rates on texturised vegetable proteins, commonly known as soya bari, and soya flour and bring them to the tax-exempt category to promote the use of soya protein to prevent and treat protein malnutrition in the country." Soya protein is the least expensive and nutritionally the most valuable and economical protein. Neutral impact The impact of GST rates on farm products such as edible oils, tea and coffee is seen as neutral, with no major impact on the end-prices for consumers, while a zero-tax on unbranded wheat products such as atta, maida and sooji may make them cheaper. “The rates that we now see may not have any major impact on the retail prices of edible oils. For the industry, the GST rates are more or less in line with the expectations, " said Atul Chaturvedi, president, the Solvent Extractors' Association of India (SEA). A 5 per cent GST on branded wheat products could make them marginally expensive as the industry may chose to pass the tax burden to consumers. However, a zero tax on unbranded wheat products could make them cheaper. In the current tax structure, various States have levied a tax of 2-4 per cent on wheat products. “Wheat is a staple food for everybody. It is heartening to know that the government has exempted wheat and unbranded wheat products from GST. But given the consumers’ preference for food safety law-compliant products, such a move will be dampener on the branded players. They will pass on price hikes to consumers, " said AN Gupta, former chairman of Wheat Products Promotion Society. Players in the plantation segment such as tea and coffee said the 5 per cent levy was on expected lines and that it would not have any impact on consumers.
Amazon, Flipkart offer discounts to clear stocks ahead of GST roll-out E-commerce vendors in India, like their offline counterparts, are going all out to liquidate stocks ahead of the roll-out of the Goods and Services Tax (GST) on July 1 as they fear incurring losses due to the new tax regime. For more information Saurabh Tripathi 9953431467 011-49287262 saurabh@fmallp, in
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