Budget 2017: From GST implementation to tax cuts, industry hopes FM will deliver
The budget will be presented at 11 am today. Will there be much-needed sops after the pain of demonetisation? What will Finance Minister Arun Jaitley deliver? Here are the expectations from the various segments of industry:
GST implementation: Freudenberg India, a Germany-based manufacturing company engaged in developing and producing seals, vibration control technology components, filters, nonwovens, release agents and specialty lubricants as well as mechatronic products. Georg Graf, Regional Representative India, Freudenberg Group on Budget, 2017, says that the Indian Economy is in a good shape. Overall, we do see a positive business sentiment.” Click to read more
GST may be implemented in July-September quarter of 2017-18: Deutsche Bank report
The Goods and Services Tax (GST) is expected to be implemented in the July-September quarter of 2017-18, which in turn may lead to high risk to consensus earnings growth expectations for 2017-18, says a report. The fruition of GST now remains the single biggest focus area among the unfinished agenda of the government, said Deutsche Bank in the report.
The report said though India must move to a GST regime, the transition is likely to be disruptive for large sections of the economy and Small and Medium Enterprises (SMEs). Click to read more
Will reach out to industry from April 1 on GST awareness: FM Arun Jaitley
Finance Minister Arun Jaitley on Wednesday said the government was ready for implementation of the Goods and Services Tax (GST) and will begin reaching out to the industry from April 1 to make them aware of the new tax regime.
Jaitley however did not spell out the likely date for implementation of the new indirect tax regime.
“GST Council has finalised recommendations on all issues, the preparedness of IT is on schedule. On April 1, the reaching out to the industry will begin to make them aware of the new tax system, as per schedule,” the Finance Minister said while presenting the Union Budget 2017-18 in the Lok Sabha. Click to read more
Union Budget 2017: Expect more clarity from Arun Jaitley on GST implementation
The Union Budget 2017, to be tabled in the parliament on Wednesday, February 1, is historic and unique. From the advancement of the date of presentation of the budget by an entire month to the addition of the Railways budget, the budget is expected to be a make or break situation for the Narendra Modi-led government at the centre as it comes on the backdrop of a controversial demonetisation drive.
The Modi-government will be expected to have the bill legislated and provide some definitive steps for already delayed September implementation. Click to read more
‘Entrust implementation of GST to IRS officials’
The implementation of Goods and Services Tax (GST) should be entrusted to IRS officials to make them play a greater role in enhancing tax collections, said MP P. Ravindra Babu, who is also a former IRS officer.
Participating as a chief guest at the International Customs Day celebrations – 2017 held at the Custom House, here on Friday, Dr. Ravindra Babu recalled how he had raised the GST issue in Parliament. Referring to the IRS officers and other Customs and Central Excise officials, present at the meeting, as ‘colleagues’, he called upon them to take up the issue collectively to the Centre by involving the trade. Click to read more
Retailers seek early implementation of GST
Industry body Retailers Association of India has asked for early implementation of the GST, which will be a game changer for the Indian retail sector which is pegged to grow to $1.3 trillion by 2020, its CEO Kumar Rajagopalan said.
“We are waiting for the details of early GST rollout, which, we hear is now in July. This can be a big game changer for retailers across the country,” Rajagopalan told PTI. Echoing Rajagopalan’s views, METRO Cash & Carry India CEO & Managing Director Arvind Mediratta said GST would also contribute greatly to smooth logistics and supply chain efficiency across states. Click to read more