Четверг, 14 Декабря, 2017

India transforms taxation with nationwide GST rollout

Frank Williams | 01 Июля, 2017, 14:33

But finance minister Arun Jaitley claims the GST will eventually expand India's narrow tax base, generate additional revenues, augment the country's gross domestic product and reduce inflation.

Opposition parties said they would to boycott the launch of the GST by prime minister Narendra Modi at a special sitting of both houses of parliament at midnight on Friday. Recalling the famous scientist Albert Einstein who said that income tax is the most hard thing to understand in the world, he said that GST would ensure one nation, one tax.

Besides Modi and Mukherjee, the starry midnight launch was attended by Vice-President Hamid Ansari, Lok Sabha Speaker Sumitra Mahajan and former prime minister H D Deve Gowda.

Tryst with Tax, the finance minister said, 'We are running the country on debt.

In his address, President Mukherjee said GST is a disruptive change. Wholesale sugar traders are watching how GST will work because they are not sure how to pass the tax burden on small retailers.

The GDP also grows as the size of formal economy grows, he added.

Apart from the Congress, the Trinamul Congress, RJD, BSP, the Left parties and the DMK boycotted the event even as the Nationalist Congress Party and the Samajwadi Party chose to attend it in deference to President Pranab Mukherjee. "Once the regime settles in, we can look forward to it spurring the economy by incentivizing manufacturing and making business decisions independent of taxes", Pratik Jain, Partner and Leader Indirect Tax, PwC India, said. "I also had the privilege of giving assent to the Constitution (One Hundred and First Amendment) Act, 2016 (the GST Act)", he added.

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"The Goods & Services Tax is a transformational structural reform which will have multiple benefits - the creation of a national market; enhanced ease of doing business; greater productivity & efficiency; and improved tax compliance". Twitter reactions ranged from congratulatory on the timely roll out of GST to concerns over how it would be implemented.

Modi said GST will eliminate the compounding effect of the current multi-layered tax system as well as the cross- state tax heterogeneity by fixing the final tax rate.

Textile traders and other sectors went on strike ahead of the launch and many businesses say they are unclear about what to charge.

According to RSM's analysis, GST has many similarities with the EU VAT system and will harmonise and simplify a fragmented system of around 10 central and state level taxes into one central system of indirect taxation.

Under GST, all goods and services have been placed under four slab structure - 5, 12, 18 and 28 percent - along with a cess on luxury and demerit goods such as tobacco, pan masala and aerated drinks.

"A key feature of the system is that buyers will get credit for tax paid on inputs only when the seller has actually paid taxes to the government".

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