The country is going through an interesting phase with one of the biggest tax reforms - the implementation of the Goods and Services Tax (GST) which is expected to herald a new era for businesses and to the general communities.
We have put together a table to explain the effect of GST on different auto segments. This, he said, would be very hard to log under the new GST system, and he therefore wants the tax's implementation delayed by two years or that textile traders should be exempted from paying it.
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Over 1,200 items, from shampoo to tea to automobiles, have been put in four broad tax categories. The GST Council, that brings together the central and state governments, has met 17 times to thrash out how the tax will work. From soft drink makers to automobile firms, companies are busy calculating final consumer price to be charged from July 1.
Daily needs essentials like fresh vegetables, fresh fruit, food grains, pulses, meat (except frozen), fish, fresh chicken, natural honey, eggs, generic (non-branded) curd, butter milk and cottage cheese, bread have exemption from taxation.
Smaller cars with more than 1.2L petrol and 1.5L diesel engine capacity- The cars under this category now runs up 44.7 percent tax.
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"When you have been given (tax) relief for hybrid small cars and you have not passed that benefit on to customers and now you are telling me that for luxury vehicles give us the same (tax) relief too", he said.
Indian opposition vowed Friday to boycott the launch of the government's new national tax, adding to the strain ahead of the country's biggest ever fiscal reform. The fear of losing their subscriber base to Jio has forced the telecom giants like Airtel, Vodafone and Idea, who were charging hefty amounts from their subscribers, to offer their services at a reduced cost. "There will be a 3 per cent increase in the bills as the tax incidence goes up to 18 per cent from 15 per cent, which will reflect in your bills", an Airtel official said.
West Bengal Chief Minister Mamata Banerjee has also dubbed the hurried rollout of the GST as an "epic blunder" by the Centre. The new tax tariff will see a drop of 12 percent to 43 percent.
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Already in town are Panamanian great Roberto Duran and Jeff Fenech, acknowledged as Australia's finest fighter of all time. Horn said while Pacquiao might be faster than him, he had an awkward style that the Filipino has not faced before.
NAREDCO has suggested that the government should allow deduction for land in the GST law or the GST rate for sale of under construction real estate should be fixed at 6 per cent on the agreement value to make it comparable to the present situation.