While the initial response to the Goods and Services Tax 2017 has been a mix of excitement and cynicism, yet at the broader level, there are guarded presumptions regarding the process and its ultimate benefits for the business
BY RAHUL KOUL
cover story
As the GST Saga unfolds, Industry keeps its fingers crossed!
While the initial response to the Goods and Services Tax 2017 has been a mix of excitement and cynicism, yet at the broader level, there are guarded presumptions regarding the process and its ultimate benefits for the business
BY RAHUL KOUL
The government of India finally rolled out the much-hyped Goods and Services Tax( GST) on July 01, 2017 amidst nationwide celebrations. Launched on the floor of Parliament in the middle of the night, the excitement was much visible with top stakeholders welcoming the decision to go ahead with a new tax structure.
The GST, as per government sources, would realize the Prime Minister of India, Mr Narendra Modi’ s vision of‘ One Nation, One Market, One Tax’. The top officials have repeatedly conveyed that they believe it to be the most transformative change in the way business have been run in India so far.
Majority of experts agree that it is a great step for boosting investment climate in the country. The requirement of tax compliance to various tax authorities will get reduced and is expected to bring efficiencies in supply chain by removing state barriers.
As per analysts, for bioscience industry, it is expected to be relatively less disruptive and demand will likely pick up strongly in second quarter if the implementation is smooth. However, there are host of issues to be dealt with within the various verticals of bioscience sector. There
16 BioVoiceNews | July 2017