Hello GST! What’s Changed On Day 1
As Modi government prepares to launch GST, businesses and citizens are bracing for chaos.
- Oldest First
Short-Term Pain For Retailers
While acknowledging the long-term positive impact of GST, Govind Shrikhande, managing director at Shoppers Stop expects to see some short-term pain until regulations and processes settle down.
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 A Game Changer, Says Naveen Jindal
Naveen Jindal, chairman of JSPL expects the 'one nation, one tax’ regime to be a game changer for the economy.
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
Maruti Suzuki Passes Entire GST Benefit To Customers
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.
Eating Out Becomes More Expensive
Heads-up! Your morning breakfast just got expensive. Having a masala dosa with the obligatory sambar will cost at least 10 percent more than what it would in the pre-GST era at Bengaluru’s popular South-Indian eatery Adyar Ananda Bhavan Sweets.
Mobile Phones To Get More Expensive
The government imposed a 10 percent basic customs duty on mobile phones including some accessories in a bid to encourage phone makers to produce locally.
10% Customs Duty On:
- Cellular mobile phones
- Charger
- Battery
- Wire Headset,
- Microphone and Receiver
- Key Pad
- USB Cable
Still Exempt
- Printed circuit board assembly (PCBA)
- Camera Module
- Connectors Display Assembly
- Touch Panel
- Cover Glass Assembly
- Vibrator Motor and Ringer