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As a retailer, we mainly sell national and international brands, hence we are awaiting announcements from the respective brands on the retail price direction and overall impact,” Shrikhande said in an email statement.
GST should bring seamless credit of all taxes, efficiency & an equitable platform...There ought to be an overall +ve impact on the industry.
— Naveen Jindal (@MPNaveenJindal) July 1, 2017
The country’s largest car maker said it has passed on the entire GST benefit to customers, as the ex-showroom prices of some of its models drop as much as 3 percent.
However, it said the price of its Smart Hybrid Ciaz and Ertiga Diesel has increased as it gets taxed at a higher rate, according to the auto maker’s press release.
The new prices are effective from July 1.
10% Customs Duty On:
Still Exempt
#GST LAUNCHED!#PresidentMukherjee and PM @narendramodi pressing the button to officially launch the #GST#GSTForNewIndia pic.twitter.com/HdpXl2s4AB
— ALL INDIA RADIO (@AkashvaniAIR) June 30, 2017
This historic moment is the culmination of 14 year long journey which began in December, 2002: President Pranab Mukherjee. #GST pic.twitter.com/zfyR5cPJtQ
— ANI (@ANI_news) June 30, 2017
#GST co-operative federalism ki ek misaal hai jo humen hamesha hamesha aur adhik saath mil kar chalne ki taqat degi: PM Modi #gstrollout pic.twitter.com/tIcqg2LpRD
— ANI (@ANI_news) June 30, 2017
#GST is an important achievement for the whole country: FM Arun Jaitley pic.twitter.com/2ShJ8Ayh2a
— ANI (@ANI_news) June 30, 2017
Delhi: President Pranab Mukherjee arrives at Parliament for #GST launch #gstrollout pic.twitter.com/glVBAkr76a
— ANI (@ANI_news) June 30, 2017
Delhi: Ratan Tata reaches Parliament to attend #GST launch. #gstrollout pic.twitter.com/IMTGzpwgX6
— ANI (@ANI_news) June 30, 2017
"At the stroke of the midnight hour...India will awake" as a common market for the 1st time. To do the obvious is often the most difficult..
— anand mahindra (@anandmahindra) June 30, 2017
India's chief economic adviser Arvind Subrmanian told BloomberQuint that the simplification of rates, and bringing more items like real estate, power and petroleum under the tax net will be the two big challenges after implementation of GST.
Subramanian added that rates under GST are likely to be rationalised and simplified over the next one or two years.
Watch Arvind Subrmanian's full interview with BloombergQuint here.
Nestle India Ltd. said that price reductions under GST will be put into effect for the stock it manufactures in July.
"There will be a transition time before new price stocks are available in the market", Nestle said in an emailed media statement. It added that it will pass on the benefits to the customers, wherever lower taxes are applicable.
The state government of Goa will abolish the entry tax which it used to impose on vehicles entering from neighbouring states.
The tax has been discontinued in view of the implementation of GST, read a notification issued by the Goa government on Friday. The public works department of Goa used to collect Rs 200 from four-wheelers and Rs 400 from commercial vehicles for entry into the coastal state.
The entry tax, which was implemented in 2013, had affected vehicles entering from Karnataka and Maharashtra, and was criticised by the respective governments.
Consumer goods major Dabur India Ltd. said that GST will adversely impact sales and profit in the near term due to "destocking at trade channels" and other costs related with the transition to the new tax regime.
"At this point of transition phase, it is difficult to quantify the impact", Dabur said in a stock exchange filing. However, it added that the situation is temporary and positives will come into play in the medium to long run.
GST panel has failed to deliver our PM @narendramodi 's One Nation One Tax message. GST has been made into a multiple n complex tax regime
— Kiran Mazumdar Shaw (@kiranshaw) June 30, 2017
GST rates have been determined by the GST Council (a council of state finance ministers and the union finance minister and minister of state for finance).
While the Council decided on four tax slabs (yes, they say one nation, one tax, but it’s not) a few items, such as gold, have been taxed at a separate rate.
For some goods and services, such as soaps, toothpaste, hair oil, SUVs, economy air travel and travel services consumers will pay less tax.
In the case of biscuits, detergents, air conditioners, cement, financial services, branded garments, luxury hotels and telecommunication services, consumers will pay more tax.
For a detailed list of rates read this - Tax Rates Before And After GST
The country deserves a rollout that does not put crores of its citizens, small businesses and traders through tremendous anxiety, he added.
We oppose #GST, its a black law but since Pres will attend launch we will go as we do not want to create controversy: Naresh Agrawal, SP pic.twitter.com/yQwOvE0Ybu
— ANI (@ANI_news) June 30, 2017
The Goods and Services Tax is a transformational structural reform which will have multiple benefits – the creation of a national market, enhanced ease of doing business, greater productivity and efficiency, and improved tax compliance. This reform will result in benefits for all participants in the Indian economy, including both businesses and consumers.Chanda Kochhar, MD & CEO, ICICI Bank
Nitish Kumar, Bihar's chief minister will not attend the launch of the landmark tax reform tonight, ANI reported. State Minister Vijendra Yadav will attend on behalf of the Janata Dal (United) party.
MP: Business traders called for a bandh protesting against implementation of GST, all major markets in Bhopal to remain shut today pic.twitter.com/xVNiw8YgP4
— ANI (@ANI_news) June 30, 2017
Will give an excel format for B2B so they can keep invoice details updated and upload every month on the 10th: Hasmukh Adhia,Revenue Secy pic.twitter.com/rrPokuCO9T
— ANI (@ANI_news) June 30, 2017
With inputs from PTI
Read More: What Is GST? Why Should You Care?
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