The Nine Major Development Post GST
With GST the biggest taxation reformation in the Indian History already rolled out the GST council and centre is trying to help people in clarifying their doubts on GST related issues.
GST has influenced all the sectors which has observed a big changeover in the prices in this last two weeks from the time of GST startup. The overall scenarios has shown a decline in the prices of automobile sector along with the FMCG sector.
The Government is taking all possible step for a smooth GST implementation. Here are a series of changes which are expected out of GST and some major development that India has observed post GST. Lets have a brief view on all such facts.
1. Automobile sectors passing benefits of GST to consumers:
Aimed at fostering a congenial business environment the Automobile companies like Renault India has reduced car prices by 7% to pass the GST benefits to the customers. Other companies like Hyundai's car prices were cut by 5.9 percent, Maruti Suzuki India (MSI) cut its small cars' ex-showroom prices by 3 percent and Nissan, Skoda, Isuzu have also lowered its prices.
2. Subsidized LPG cylinder and Non Subsidized Cylinders becoming costlier
The subsidized LPG cylinders in Delhi will now be costlier under the new GST regime, a price deviation which shows an increase of Rs 32 for per cylinder weighing 14.2 KG. The non-subsidized cylinder in Delhi will now cost Rs 564/- the prices going up by Rs 11.
3. Tamil Nadu Theatres :
The theatre in Tamil Nadu are already on a strike against GST and the Tamil Nadu textile association is also on a strike from 5 th of July which was a Wednesday and was called of on Thursday when the state govt has promised to form a committee to take a decision on the local tax.
4. Orders to add new GST Prices on Old Goods
The Government on 7 th of July, 2017 has warned, manufacturer and sellers of pre-packed goods to print post GST rates on products failing which a fine of 1 lakh rupees or prison term of upto a year is possible.
Therefore all the items should now be tagged with new MRP.This fact was also tweeted by Union Food and Supplies Minister Ram Vilas Paswan. Still people are selling goods at old rates from many places across the country.
5. Goods Supplier in Other States have to opt GST
Traders with turnover below 20 lakhs and supplying goods to different states will need to register under GST regime. Moreover traders whose turnover is below Rs 20 lakh and who are looking to supply goods and services within the state can also register for availing of input tax.
6. DU Curriculum to get GST in New Session
With the change in the taxation regime The Delhi University has accepted GST as a welcome start and has decided to include GST in the syllabus for the B Com and BA programs in the coming session. The proposal regarding GST has been approved by the University Education Council.
7. Government increases Helpline Numbers
To ease the adoption of GST,the govt has increased the helpline numbers from 14 to 60 which has trained professional trainers. The step came in from the government to pass on the benefits of decreased prices to the commoners. The contact number of consumer helpline is 14404.
8. Officers Posted in Districts
More than 200 Senior central government officers are deputed for monitoring district-level implementation of Goods and Service Tax (GST). This welcome step has come from the central Govt. primarily focusing to resolve consumer difficulties. Each district in the country is divided into 166 groups which will be monitored by these nodal officers and there will be a 15 member secretary-level committee that will monitor the implementation at the Centre.
9. GST to boost GDP
In the long run the GST is expected is expected to contribute to productivity gains and higher GDP growth. The GDP growth rate is expected to grow from the present 7.1 % to 7.2 % for this fiscal year. The GDP is expected to rise to 7.7 % in 2018-19.