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Ignorance of
law is the biggest
short-term
Its pre-exam jitters at The Supertax
Indias current indirect
tax system is mired in too
many taxes and rates within
12% 28%
working capital requirement
A If service was by some traders that they may would increase as a result. For Excise
not be able to do invoicing for the every Rs 50 crore of sales, my ad- Duty
provided before first 10-15 days, said Jagdeep ditional working capital due to
appointed day and Singh Rangar, promoter of Stork GST will be around Rs 1 crore.
Gold and silver will attract
the invoice was also Rubber Products that supplies At Sansera Engineering,
automotive rubber parts. We which supplies engine parts to 3% tax while luxury goods
generated before it, then Central
are loading extra stocks to avoid both two-wheeler and four- Service such as SUVs and sin
Sales Tax
service tax is applicable disruptions in production. Gurgaon-Manesar wheeler makers, about 100 of the Tax goods such as pan masala,
Source: @askGST_GoI Stork is a small-scale supplier 700-odd sub-suppliers are not tobacco and even aereated
ANNUAL TURNOVER EMPLOYMENT
with a turnover of around Rs 80 GST-ready. The company expects drinks face a cess
crore but the Rs 9,500-crore Rico
Auto is also cautious. Its chair- 40,000 cr 3 lakh challenges during the initial
days, including disruption of
man Arvind Kapur said his com- supplies. There will also be is- Surcharge Taxes on
VAT lottery
pany is hand-holding many sub- Automobile and ancillary the chain breaks, the entire sup- sues on the compliance side & Cess
suppliers and raw material pro- units in the region employ about ply network will suffer. when it comes to some of the CENTRAL TAX
viders through the transition. I three lakh workers and have an Besides the financial and ac- smaller suppliers. Many of them
STATE TAX
am worried about suppliers from annual turnover of more than counting systems, many IT com- use spreadsheets, while some
smaller towns such as Muzaffar- Rs 40,000 crore, said Vinnie Me- pliances also need to be updated, have been raising manual in-
nagar and Ludhiana. Many peo- hta, director-general of Automo- said Mehta, but he expects gains voices. These will not work now, Luxury
Tax Entertainment
ple in these towns are not aware tive Component Manufacturers for the industry after the transi- said S Ramakrishnan, CFO of Entry Tax
of what to do, and how to do it. Association (ACMA). It is in the tion. Compliance will be better. the company. Tax
interest of the bigger players to There will be transparency in
IL I TOMORROW: Ground Zero, Surat
RETA NFL hand-hold smaller suppliers. If taxes and ease of doing business.
WILL AT
IO
5.77% N IMPACT ON INFLATION
SL
JUNE 2016 ID
EF
165+
lower under GST than now. But the lower rate, and several essential punish companies that fail to pass with the wearing off of the base
senior economist, CRISIL impact on inflation will depend on food commodities have been ex- rates in basket of products on the tax benefit to consumers, the effect. We dont expect GST to have
O
the extent to which businesses pass empted. and services in consumer rules to identify profiteering cases a significant impact on inflation
ne of the fears about the on the tax changes to consumers. However, for some items such have not been finalised yet. and maintain our CPI inflation
Goods and Services Tax When we mapped GST rates as services to higher education
price index (CPI) Globally, anti-profiteering forecast at 4% for this fiscal.
countries currently (GST), globally, is that institutes, utility bills, personal measures to combat temporary While short-term hiccups can-
have GST. When consumer prices can EXPERT VIEW care products, sugar, prepared transitory inflation hump. inflation during the tax transition not be ruled out, the efficiency
stay higher for longer because tax meals, snacks and sweets, pan, to- For a little over half of the CPI phase work best when implement- gains over the long term will en-
India started its increases are passed on faster than with components in the consumer bacco and intoxicants, where cur- basket, the tax incidence remains ed well before implementing GST. sure that the economy is a
GST journey in tax cuts. Thus, Australia and Ma- price index (CPI) basketwhich rent inflation is already high, the unchanged. The remaining third of Australia, for instance, applied an net gainer in terms of
laysia had to take steps to curb closely represents the household tax incidence, too, will be higher items see lower tax incidence, al- anti-profiteering rule a year in growth, inflation, ex-
1986-87, only 34 inflationary pressures after intro- consumption patternwe found under GST. These items have lowing for price cuts at the discre- advance. 2.18 % ports and fiscal health.
countries had it ducing GST. that GST rates are broadly lower around 20% weightage in the CPI tion of the manufacturer, who may Consumer price index-based MAY 2017
GST Council in India has as- than, or even on a par with, cur- basket and could see a one-time/ choose not to do so. Although the inflation, currently low at 2.2%, Data source: CMIE
Agni-V can double as Delhi Metros US firms object to Indias stent rules
driverless
sat launcher if needed Continued from page 1 of doing business.
Modis visit a significant step: Israel New Delhi is pushing
O
n regulation of stent back vigorously, pointing out
I
significant step in strengthening bilateral
ndia also has the capability Cartosat-2C earth is latest Gsat-7 is a dedicated have thrown a hissy fit, argu- lighted by an ongoing case in
relations that are on a constant upswing. PM
to launch anti-satellite addition to 12 satellites being military satellite used by ing that such government in- the US where pharma bro
Modi is scheduled to land in Israel on July 4 for a
weapon (ASAT), which is used for military purpose Navy to shore up real-time TIMES NEWS NETWORK tervention would inhibit Martin Shrkeli a drug indus-
three-day visit. Next week, the Indian PM, my
meant to destroy enemy satel- Most of these communication their investment in cutting- try executive who famously
friend, Narendra Modi will arrive in Israel, This
lites. Only the US, Russia, and sats are placed in among its warships, New Delhi: In over three edge technologies and warn- hiked the price of HIV drugs
submarines, aircraft is a historic visit to Israel. In the 70 years of the
China are known to have de- near-earth orbit & months, Delhiites will be able ing Indias $5 billion medi- by 5,000% is on trial for secu-
and land systems countrys existence, no Indian Prime Minister has ever visited
veloped these weapons. How- some in geo orbit to travel in Delhi Metros first cal-technology market rities and wire fraud.
and this is further expression of the state of Israels military,
ever, Isro has no intention of PAN camera in India also has driverless trains on the Ma- would lose out on latest medi- Modi also has his task cut
capability to build economic and diplomatic strength, Netanyahu said.
engaging in such an anti-sat- Cartosat takes black genta Line from Janakpuri cal advances. out for attracting US manu-
and white pictures anti-satellite This is a very significant step in strengthening relations
ellite weapon project. Tapan West to Noida Botanical Gar- They are backed by many facturing jobs to India at a
of earth. Its PAN weapon. However, between the two countries, the israeli Prime Minister added.
Misra, director of Space Ap- den. The Magenta Line, which US lawmakers for whom the time when the Trump ad-
camera covers swathe of 9.6 Isro, being a signatory of missed its June deadline and is
plications Centre, said, Isro pharma lobby is one of the ministrations emphasis is to
km and its spatial resolution Outer Space Treaty, wont
follows international norms, going to miss its September de- biggest sources of funding. In a follow-up letter, law- far from the reformer he had keep jobs in the US and grow
is 0.6 metre engage in such a project
which prohibit member adline too, is going to be Several lawmakers recently makers also complained promised to be. them as part of its America
space agencies from milita- Cartosat images used Ex-DRDO director says thrown partially open to pub- wrote a stern letter warning about continued barriers, Many sectors of the In- First initiative. The initia-
by Army to target terror Agni-V can be used for
rising outer space. lic in October, the Delhi Metro that the sudden and unprece- high tariffs, inadequate pro- dian economy remain high- tive clashes with Modis own
launchpads across LoC launching sat in near-earth
Ravi Gupta, defence tech- orbit during emergency
Rail Corporation (DMRC) said. dented nature of the decision tection of intellectual prop- ly and unjustifiably protect- Make in India programme.
in September 2016
nology expert and former di- The trial runs on two sec- (on stents) threatens citizens erty rights, and inconsistent ed, and India continues to be Such conflicting econom-
rector (public interface), ployed for satellite launch on loads. Similarly, these tech- tions of the corridor of phase access to the newest and most and non-transparent licens- a difficult place for Ameri- ic agendas belie the rather
DRDO, said, Technological demand if needed. The 5,000- nologies, combined with tech- III, between Kalkaji and Bo- innovative medical technolo- ing and regulatory practices can companies to do busi- more agreeable mood on the
capabilities indigenously km-plus missile has capabili- nolgies developed for ballistic tancial Garden (13 km) and Ja- gies and raises strong con- -- charges underscored by a ness, they wrote, noting geo-political front where
evolved in the process of de- ties of reaching well beyond missile defence system can be nakpuri West to Terminal 1 cerns about the business envi- story in the Economist jour- that India was ranked 130th both sides pretty much ap-
velopment of Agni-V ballistic altitudes characteristic of rel- used for developing an anti- IGI Airport Metro station (10 ronment in India. nal that said PM Modi was out of 190 countries for ease pear to be on the same page.
missile can be readily em- evant satellites with pay- satellite weapon system. km) are in progress, a DMRC
spokesperson said.