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Initial disruptions visible, but GST widely adopted in the country: Data

Updated: Aug 21, 2017 05:57:04am
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Initial disruptions visible, but GST widely adopted in the country: Data

New Delhi, Aug 21 (KNN) With near completion of the second month since implementation of Goods and Services Tax in the country, most of the sectors in the country have adopted the new taxation regime, however early disruptions to different sectors are visible as well as unavoidable, a data observed.

According to the data by industry body Confederation of Indian Industries (CII), the transport sector and logistics sector in the country have started to see the benefits under the One Nation One Tax regime. 

With regards to the Micro, Small and Medium Enterprises, (MSMEs) the study said that GST would help the MSMEs with inclusiveness in the business mechanism.

The study further revealed that that the consultative framework between the states and the centre has been instrumental towards the better rollout of the Goods and Services Tax.

Commenting upon the early complications, S Mahalingam, Economic Affairs & GST Sub-Committee, CII Southern Region in a press interview said that the disruptive impact in the early phase was inevitable.  However the new taxation is likely to smoothen up in the coming times, as the system would become more efficient.

Also since the GST brings the unorganized sector into the ambit of organized taxation, the process is likely to take some time.

The study said that with the GSTN in place, it is for the first time that a uniform interface powered by modern day IT tools has been set up bridging the gap between the taxpayers, state and the centre.

The Industry body maintained that the industry at large is optimist about the new tax regime, and also expects the government to look into the problems raised by different sector of the industry with utmost priority.

Goods and Services tax (GST) was rolled out on July 1, marking it as one of the biggest tax reform in the country since independence. (KNN/DA)

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