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Under the GST, a uniform tax system was introduced in the country
presented as the largest economic reform since independence, the Goods and Services Tax (19459005) complete a year of its implementation. July 1st. As part of a major initiative to ease the country's tax system, the government launched the GST on July 1, 2017 . Under the GST, a regulated tax system has been introduced in the country. With the introduction of this regime "a nation, a tax", the country's economic landscape has undergone a general transformation. The deployment of the TPS was accompanied by frequent changes in the rules, which were welcomed by some and found complex by others. The launch of the GST caused a lot of buzz in the corporate sector. India Inc has given a mixed response to this system of indirect taxation.
At the end of a year, here is what India Inc says about the successes and failures of the GST:
Ankur Dhawan, Director of Investments, PropTiger.com
"The TPS is a revolutionary tax reform implemented by the Government of India One of the main benefits of the real estate sector in the GST system is the input tax credit that developers can now use to construction materials and services. The GST simplified the tax administration of the real estate sector, but the first few months of implementation have confused both promoters and clients. many benefits that they can draw from input tax credit and new commodity prices, while on the other hand, customers were protesting against a significant increase in taxation. The lopers have begun to offer discounts of 4 to 6% to customers. In the long run, the GST reform should further streamline the sector, which will further strengthen consumer sentiment and revive the hope of a recovery in the sector.
Aditya Kedia, Managing Director, Transcon Developers
to make the country a unified market to reduce the burden of interstate transfers and facilitate the solicitation of materials at the lowest possible cost for the real estate sector. With a single non-complex tax rate and the elimination of government taxes collected on government markets such as customs taxes and the granting, the available credit has increased considerably. The overlap of the two primary taxes such as service and VAT (value added tax) has led to various practices in the sector. Under the GST regime, these problems have been eliminated, which has standardized the real estate sector.
"The main objective of the GST was to replace multiple indirect taxes with a single tax, to simplify tax compliance and to reduce the possibility of double taxation, a measure that certainly helped to stimulate the tax rate. It is also planned to condense the cost of construction into the hands of the developer, thus helping to maintain the existing price level in the real estate area. "
(Read also: How did the GST affect you? ?)
Rushank Shah, Sales Manager, Hubtown Limited
"The GST has, to some extent, simplified the real estate sector and improved transparency in the field, but the GST should be restructured. it can also be useful in places where land costs are higher, which can be beneficial for buyers.
KK Maheshwari, Official Registrar, JK Lakshmipat University
"The main argument in favor of the GST in higher education s the absence of exemptions from educational services auxiliary to the scope of application of the GST. Even if the education as a service does not impose any GST, which is a relief for the students since the tuition fees and the expenses of studies are not taken into account in the GST, students benefit from other services: day schools, food, laundry, etc. , are considered taxable under the GST, which adds to the increase in indirect costs for students.
"These outsourced services are considered equivalent to the educational services for secondary schools before and after the GST, and are therefore exempt from GST I believe that educational institutions higher should benefit from the same exemptions as the government More private universities should be created, by investing more in university infrastructure, these are ancillary education services that are an integral part of education, and Discrimination between school education and higher education should be eliminated. Chet Jain, CEO and Founder of Crowdera, an online crowdfunding platform
"The GST is a unique tax system, but the Indian government is investing enough money to improve the infrastructure and infrastructure. support. the country's financial ecosystem, but the categorization of services under the GST tranche has not yet been well-defined. is certainly a possibility of clarification in this area. In addition, there should be something to show that the GST has evolved over the past year. Incentives should be put in place for foreign companies to come to India, build infrastructure and expand their businesses here. However, I do not see any incentive. But because of the GST, these companies are avoiding the Indian markets, and that's something that deserves to be examined. "
(Also read: One Year of GST: What Finance Minister Arun Jaitley Must Say)
Harsh Dhand, Founder and CEO, Rentsher, An Online Goods Rental Market
" The GST has been very beneficial to us since over 80% of sellers have adopted the same thing and are able to provide input credits. As a result, we only pay taxes on net income, a dream for a startup. The GST for essential electronics like laptops, projectors, televisions, especially on rent can still be reduced to 12-15 percent. I believe that rents should be separated from the GST purchase price if the government really wants to promote this sector and reduce imports. "
Vinay Singhal CEO, WittyFeed, an online viral content company
" With the concept of nation, market, tax, "the Indian government introduced the GST on July 1, 2018. Since then, the TPS played a central role in removing the cascading effect of taxes on goods and services. The implementation of the GST has proven to be a factor of change for the economy and logistics. With its advent, each state dismantled the border checkpoints, which saved a lot of time in transportation. In the digitization process, online facilities for filing monthly returns, paying taxes, and claiming major taxes have become easy and fast.
Bijender Goel, General Manager, Terra Techcom Pvt Ltd
for the country, but its implementation should be made simpler. Filing four quarterly returns is a burden for a person with a turnover of less than Rs 1.5 crore. Gasoline and diesel should also be subject to the GST to give benefits to the common people. "
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