Published: Sat, May 20, 2017
Economy | By Annette Adams

GST to convert entire country into one market: Patnaik

GST to convert entire country into one market: Patnaik

Telcos, according to the group, have already initiated the registration process involving migration to the GST regime while a clarity, according to it is still needed on certain aspects and GST deployment is highly dependent on IT compatibility and requires sufficient time.

Telecom group COAI (Cellular Operators Association of India) Friday said that 18% of levy under the new GST (Goods and Service Tax) will make telecom services costlier for consumers.

Two northeastern states - the Left-ruled Tripura and Congress-governed Mizoram - would pass their State Goods and Services Tax (GST) Bills this month, it was announced on Friday.

The Tripura government held a meeting on GST with all legislators on May 12 and a workshop for the media would be held in Agartala on May 20.

"The enactment of the State Goods and Service Tax will be the begining of a journey". It is a major financial reform which would transform the country into one single market. Expressing similar views, Emami CEO (Finance, Strategy and Business Development) said: "It appears that the rate will benefit us and industry but we need to understand GST (rates) in entirety to comment on the subject". The cascading of taxes will be minimised, Patnaik said adding that this will result in benefits on most commodities. "The GST law will boost the country's GDP growth by 2 per cent".

"State and the GoI needs to take people and business community on board before GST is implemented here", said Dar. "The announcement of 18 per cent GST rate for soaps, toothpaste and hair oil is along expected lines and is certainly welcome". "It is a no gain no loss situation for us although we had asked the Finance Minister to classify edible oil in zero tax category", he said.

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