India has long earned brickbats for the complexity of its tax regime and the difficulty in carrying out business in the country. After years of consideration, goods and services tax (GST) is expected to be implemented in India from April 2017, marking the beginning of a new era for ease of doing business and solving the complex puzzle of various indirect taxes.
Managing partner
India Law Offices
The GST rates and processes are still being considered but we expect final rates of 12-18%, which would be lower than the current incidence of indirect taxes, which works out to 22-24%. We can also expect procedures, tax filing and compliances that are less ambiguous, confusing and friendlier to business.
Movement of goods that involved the maximum complexity considering taxes such as value-added tax (within a state), central sales tax (interstate) and octroi at various stages of the journey of the transaction will benefit the most, giving trade, infrastructure and logistics a much needed fillip and the Indian economy the buoyancy it needs.
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Gautam Khurana is the managing partner at India Law Offices in New Delhi. Abhishek Hans is a principal and a partner in the firm.
D-19 (GF) & D-31, South Extension – 1
New Delhi – 110 049
India
Mumbai | Bengaluru
Contact details:
Tel: +91 11 2462 2216 / +91 11 246 2218
Fax: +91 11 2465 4364
Email: g.khurana@indialawoffices.com
