Author
The Author is a Senior Partner with AMRG & Associates
Despite the obstacles of implementing such a large change in the form of GST, this industry has always welcomed and supported the notion of value-added taxation, on which GST is based, in the hope of having clear and sensible taxation.
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The government decided to invest heavily in road infrastructure and the acquisition of buses will lead to overall demand and growth of public sector transports
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A tax rate jump of 5% to 20% at the barrier of ₹5 lakh is a big leap affecting the mind-set of taxpayers. The taxation at the barrier point of ₹5 lakh needs to be revisited in the old regime.
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The Covid -19 pandemic has resulted in the truncation of consumer demand in the short run and is also expected to change long-term consumer preferences moving it away from luxuries.
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In this article, we will analyze the impact of GST on the automobile sector.
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Looking at the decreasing GST collection and widening fiscal deficit, the government is brainstorming to find ways to meet the expected GST collections and thereby inclusion of a few more goods and services in the ambit of GST seems to be inevitable. Aviation fuel and stamp duties could be next on the government calendar up for inclusion.
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Government is likely to revisit the exemption list, increase the rate of taxes and also explore the possibility of whether cess can be levied on some services to make up their revenue deficit.
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Businesses with less than Rs 5 crore annual turnover, comprises of over 90% of taxpayers and any waive of annual return for them would ease the compliance for millions.
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GST may not be the most perfect single tax system, but it is continuously evolving.
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