NEWS

'GST is expected to fill the loopholes in the current system'

By VARINDIA - 2017-09-22

Pinaki Samiron Dhara, Vice President - Savera Technology

“In IT, products like Printers/Scanners/Barcode Scanners/ Laptop/Desktop/Hard Drives/SSD/External Hard drives are some of the products which are moving at a pace, thus creating a shortage which is again increasing the demand. GST is expected to fill the loopholes in the current system and boost the Indian economy. This is being done by unifying the indirect taxes for all states throughout India.

The tax rate under GST are set at 0%, 5%, 12%, 18% and 28% for various goods and services, and almost 50% of goods & services comes under 18% tax rate. As GST is a new terminology for India every organization must adapt this by timely submission of their purchase, sales expenses, and returning the file timely as per government deadline.

Market intelligence says that there is going to be an increase in the pricing of the products and solutions post GST. But as per me, not all products and services price has increased, but the products have been classified under categories and the GST is applicable as per product classification, whether it is IT, Aviation, Transportation, FMCG. In short basic things price has been decreased with low taxation structure and lifestyle category comes under High taxation structure.”