Further monetary tightening by the Reserve Bank of India (RBI) and imposition of service tax on under-developed housing complexes, as proposed in the Budget 2010-11, will lead to increase in property prices, according to real estate companies.
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The Union Cabinet chaired by the Prime Minister has approved the Integrated GST, Central GST, Union Territory GST and GST Compensation bills on March 20, 2017. These four bills will now have to be passed by the Parliament. It is expected that the bills will be introduced in the Parliament early next week as a 'money bill' (note that the Rajya Sabha does not have the power to amend or reject money bills and is required to return it to the Lok Sabha within 14 days). Should the July 1, 2017 target for the introduction of GST in India be met, the Parliament will have to pass these bills before the end of the budget session (on April 12, 2017).
Textile industry welcomed the fixing of reasonable rates under the Goods and Services Tax (GST) regime on most of the items and also thanked the Finance Minister Arun Jaitley for quick conclusions on the subject.
Commenting on the GST rates, A Shaktivel, Regional Chairman, Federation of Indian Exporters' Organisation (FIEO)'s Southern Region, said that the lower rates under GST across the products that have high potential of exports will go a long way in encouraging 'Make in India'.
July 1, 2018 marks the first anniversary of the launch of the most anticipated tax reform in India. Often termed as 'India's new tryst with destiny', the Goods and services tax ("GST") was introduced amid varied expectations and apprehensions. While tax compliance seems to have streamlined mostly for large entities, however most medium and small entities are yet to survive the challenges posed by the new taxation regime.
