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Here’s how various sectors in India have reacted to the
implementation of the Goods and Services Tax (GST) and how it will impact
business.
With India moving towards its biggest tax
reform Tyson
Alualu Jersey , here’s how various sectors in India have reacted to the
implementation of the Goods and Services Tax (GST) and how it will impact
business.
Hotel owners find 28% tax steep for cheaper rooms; travel sector
satisfied
Following the implementation of the GST, the hospitality and travel
sectors expect teething issues in the first few months but are not unduly
worried, expecting support from government.
OYO Rooms Founder and CEO Ritesh
Agarwal said, “There may be challenges in compliance and implementation but over
time, there will be more clarity and
familiarity Justin
Hunter Jersey , enabling all stakeholders to adjust, adapt and
adhere.”
However, the Federation of Hotel and Restaurant Associations of
India (FHRAI) Vice President Garish Oberoi said the 28 per cent GST for hotel
rooms with a tariff of Rs 7,500 per night and above is very steep. He asked the
government to keep that rate only for rooms with tariff of Rs 10,000 per night
and above.
As far as the travel sector
goes Sammie
Coates Jersey , the GST rate for tour packages has increased marginally
from 4.5% to 5% and players do not expect that to impact the holiday
demand.
Industry: CII says GST will make India Inc. more competitive
The
Confederation of Indian Industry (CII) has said that the GST will incentivise
exports, help expand the tax net, contribute to the ease of doing business and
accelerate new business ventures. “Input tax credit will curb inflation by
avoiding tax-on-tax. We believe that most businesses would pass on the benefits
of input tax credit to consumers so that inflation would be curbed,” CII
President Shobana Kamineni said. She added that the industry is prepared for
implementing the GST.
Exports: Exporters worried about new restrictions in
using duty credit scrips
The Federation of Indian Export Organisations (FIEO)
has approached the government to reduce the restrictions on using duty credit
scrips. A duty credit scrip is an incentive provided by the government to
exporters. It is given to promote exports by providing tax incentives to
exporters. It is a pass that allows holders to import goods by not paying a
certain amount in import duties. But with the implementation of GST, the new
rules say that these scrips can now be utilised only for payment of basic
Customs duty and not Integrated Goods and Services Tax (IGST).
Earlier Senquez
Golson Jersey , manufacturing exporters who import raw material for export
purposes were allowed to utilise these scrips for payment of Customs, excise
duty and service tax.
FIEO Director General Ajay Sahai said exporters are
worried as they have to arrange funds for payment of GST, which will be refunded
to them upon exports. “This may lead to a blocking of funds for over six months
in many cases, thus affecting competitiveness of exports,” Mr. Sahai
said.
Realty bites
Ready-to-move in apartments will get costlier under GST
as developers with large unsold inventories are planning to pass on the higher
tax burden to home-buyers. Under
GST Bud
Dupree Jersey , the effective tax on under-construction projects has gone
up to 12%, which is an increase of 6.5%. The actual GST rate is 18% on realty,
but allows one-third of the tax to be deducted from the land value, from the
total cost charged by the developer.
“While developers might still get some
benefits for projects that are in nascent stages, they will have to bear the tax
burden for the ready-to-move-in projects since they are kept out of the GST
ambit Javon
Hargrave Jersey ,” House of Hiranandani Chairman and Managing Director
Surendra Hiranandani said.
Anarock Property Consultants Chairman Anuj Puri
said the affordable housing sector will not be impacted as there will be no tax
under GST for the affordable housing scheme.
Durables: some relief for
buyers
Unlike realty, the durables sector is unlikely to pass on the burden
of higher tax to the buyers, as the industry is expecting only a marginal price
revision despite the category being placed under the highest tax slab of 28%
under GST. The tax rate for the sector was around 25–27%.
“Home appliances
have become a necessity now with evolving consumer lifestyle and a lower tax
slab would have made appliances more affordable in a low-penetrated market. With
28% tax under the GST, we expect the consumer price of home appliances to
marginally go up by 1–2%. This could have an impact on demand in the short-run,”
says Godrej Appliances business head Kamal Nandi.
Steel: GST a move towards a
more organised sector
The steel sector is feeling bullish after the GST roll
out. Players in the sector feel that with
GST Sean
Davis Jersey , unorganised players will have to move to organised form of
doing business. Steel Users Federation of India (SUFI) has said GST has
abolished the special additional duty (SAD) on imported goods which was a very
cumbersome procedure.
Indian Stainless Steel Development Association (ISSDA)
President K K Pahuja says GST will give the unorganised sector not other choice
but to be tech-compliant. “People evading taxes would not be able to survive any
longer,” Mr. Pahuja said.
Textiles鈥?mdash;鈥奀otton industry happy
The
cotton textile industry is also feeling positive. Southern India Mills
Association (SIMA) Chairman M Senthilkumar has welcomed the move to bring the
entire cotton textile value chain at the lowest slab rate of 5% GST. He said the
industry had been suffering with numerous taxes and different types of cess
which were adding to the cost indirectly.
Know More About GST Enrollment in
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