Thursday, 21 July 2016

Indian GST - FAQ

1.    What is the GST?

    • Goods and Service Tax
    • It is the biggest indirect tax reform since 1947.
    • Taxes such as excise duty, service, central sales tax, VAT, entry tax or octroi will all be included by the GST under a single umbrella.
    • In the words of the Indian Finance Minister Arun Jaitley, the GST bill will lead to the economic integration of India.
     2.    What is the main function of GST?
  • The main function of the GST is to transform India into a uniform market by breaking the current fiscal barrier between states
  • Thus the GST will facilitate a uniform tax levied on goods and services across the country.
  • Currently, the indirect tax system in India is complicated with overlapping taxes levied by the Centre and the State separately. 
  • GST is seen as a game changer for the economy. But the impact of these tax reforms, will not be immediate. 

     3.    When will the GST be implemented?

    • The ambitious goods and services tax (GST) may be a reality soon.
     4.    What % will be the GST?

    • Mostly it will be 17-18 percent.
    5.    Why do we see delay for passage for the GST Bill ?

    • To pass GST, the government needs Parliament approval to the pending bill during the ongoing session. It is getting opposed in the Rajya Sabha. 
    6.    What is the impact on Indian stock market if the GST will be implemented?  

    • It will be a big sentiment booster for the markets. It has positive impact on goods and services related companies and thus progressing on Indian GDP.
    • According to Indian Finance Minister Arun Jaitley, the implementation of the GST could augment India’s GDP by 2 per cent.
    • Increased GDP will attract more foreign investments and which in turn would take Indian economy up and thus stock markets will make new highs.
    • According to market experts, the sectors to benefit the most would be logistics, E-commerce, automobile, and FMCG among others.


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