||A Wait and Watch Approach
||All sectors, including the pharmaceutical and supply chain industry, are eagerly waiting the implementation of the Goods and Services Tax (GST) bill in April 2015. Till then everyone is keeping a watchful eye on what happens next By Usha Sharma,
Goods and Services Tax (GST), a much awaited uniform tax regime which was initially tabled in 2006-2007, is likely to be implemented almost a decade later from April 1, 2016,. The GST Constitutional Amendment Bill, which was introduced in the Lok Sabha in 2011, had lapsed and the NDA government thus needed to come up with a fresh bill. The proposed bill will include indirect taxes like excise duty and service tax at the central level and VAT and local levies at the state level.
However, industries seem optimistic after Prime Minister Narendra Modiâ€™s speech at the Vibrant Gujarat Investor Summit 2015 in Ahmedabad. Modi mentioned that the centre is ready with the long awaited GST bill and very soon it will be implemented across the nation which will help industries to grow at a much faster rate. GST will be a very important part of the roll out of the MPâ€™s ;Make in Indiaâ€™ vision.
Commenting on the proposed bill and its implementation, Suresh Pareek, Managing Director, Ideal Cures says, â€œI think the announcement of implementation of GST is true, however, its feasibility over given time frame looks a little difficult. With the appointment of Vice Chairman, Arvind Panagariya for Niti Ayog, who himself supports uniformity, the pr
BACK TO TOP