GST implementation won't affect Smartphones pricing in India

  • GST implementation won't affect Smartphones pricing in India

GST implementation won't affect Smartphones pricing in India

India today adopted the goods and services tax (GST), the country's biggest tax reform in 70 years, which the government said would transform the US$2 trillion (US$1 = RM4.29) economy in the coming years.

He said that the GST may be a destination tax but for India it will begin altogether a new journey. "We are in the process of making history with the launch of the GST", Jaitley said, speaking in Parliament during the special function of GST launch. "We did want to buy a new one, just not this soon", he said with a smile as he checked prices at the Electronics Paradise store. I had objection on the rate fixing, but then Prime Minister Narendra Modi agreed to my notions and opinion. With the help of the GST, the backward states, the poor and the oppressed will help get uplifted. I wonder what he would have said had he seen the multiple taxes that were applied here, the PM said on a lighter note.

The government on rolled-out the milestone Goods and Services Tax (GST) across the country on Saturday, in what is being viewed as the biggest indirect tax reform in the country.

Suchi Mukherjee, Chief Executive and co-founder of LimeRoad, online platform for fashion and lifestyle, said: "Since sellers will now be able to take tax input and the overall cost of manufacturing will go down. We are never scared to do any reform", he added. But, the BJP-led government is confident of growth with "One Nation-One Tax" policy and terms it as "simple tax system". But the prime minister, who has put huge efforts into the economy as he targets re-election in 2019, acknowledged that it would have teething problems. GST is meant to ensure that all indirect tax rates and structures are common across the country and remove hurdles for businesses across all the states. "They have pooled their sovereignty to make joint decisions on indirect taxes", the Fiance Minister said.

By creating a unified common national market, the GST will act as a major boost to economic efficiency, tax compliance and domestic and foreign investment, he added.

All political parties opposing the GST in its current form are aware that constitutionally, GST has to be implemented by September 2017. "Most customers are asking why they'll pay extra for the same services that they have used before GST".

The GST regime seeks to reduce rates of over 50 per cent of items of daily use and charge others at a much lower rate of 5 per cent, 12 per cent and 18 per cent.

It was hard for Indian shoppers to know what the cost of nearly anything will become Saturday because prices vary by brand and the current taxes varied from state to state.