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