{"id":71,"date":"2018-07-17T02:53:33","date_gmt":"2018-07-17T02:53:33","guid":{"rendered":"http:\/\/biatconsultant.com\/blog\/?p=71"},"modified":"2018-07-17T02:53:33","modified_gmt":"2018-07-17T02:53:33","slug":"how-goods-and-services-tax-gst-has-impacted-businesses-in-india","status":"publish","type":"post","link":"https:\/\/www.biatconsultant.com\/blog\/how-goods-and-services-tax-gst-has-impacted-businesses-in-india\/","title":{"rendered":"HOW GOODS AND SERVICES TAX (GST) HAS IMPACTED BUSINESSES IN INDIA"},"content":{"rendered":"

It has been quite some time since GST has been implemented in India. The
\nmain objective of the new tax regime was to make one tax system in one
\nnation. Let us look at the way goods and services tax has impacted business in
\nIndia.<\/p>\n

Small and medium businesses<\/strong>
\nThe central goods &amp; service tax (CGST) and state goods &amp; service tax (SGST)\u00a0has been combined in the new tax system. According to the new system, all\u00a0the companies that have a turnover more than 20 lakh (10 lakh in some states)\u00a0have come under the GST scanner. Previously the tax exemption for the SMEs\u00a0was 5 lakh while the new tax exemption is increased to 20 lakh. This has\u00a0created a positive impact and generated lot of revenue for the government.
\nEase of doing business has been increased as double taxation policies have
\nbeen removed. Tax burden on new business has been reduced and faster
\ndelivery of the services has been the positive effects in the implementation of
\nGST.<\/p>\n

How GST impacted real estate industry?<\/strong>
\nReal Sector is one of the most important sectors in India. GST has brought lot
\nof transparency and relief in real estate sector of India.
\nUnder GST 12% tax has been levied which was 6.5% before GST tax. Due to
\nGST, the developer either has to bear high tax burden or will have to increase
\nthe net price of the infrastructure to meet the new tax requirements. As the
\nready-to-move-in projects are kept out of GST, developers can get some
\nbenefit for the construction that are in initial stages. Cost of cement and other
\nbuilding material has increased with the new tax system. So the impact has
\nbeen neutral in real estate industry because although some building material
\nprices have been increased but it has cut down additional costs and provided a
\ntransparent medium.<\/p>\n

Impact on automobile sector<\/strong><\/p>\n

Automobile sector is one of the most important sectors. This sector produces a\u00a0very large number of cars and bikes annually. The central and state
\ngovernment imposed several taxes like excise tax, road tax, VAT etc. under the
\nGST tax. GST has hugely impacted the automobile industry. The government
\nincreased the tax from 15% to 25% on mid-sized vehicles. There is some good
\nnews for the importers as they would be able to claim excise duty and VAT.
\nGST on the cars and bikes was set under the 28% mark. The overall result is
\nthat the implementation of GST has reduced the cost of buying bikes and cars.
\nGST has resulted in a good growth in this sector.<\/p>\n

How GST has impacted FMCG companies?<\/strong>
\nThe GST has impacted FMCG companies very strongly. GST has made possible\u00a0more purchase of FMCG products in the festive season. The FMCG companies\u00a0like Pepsico, Dabur has generated lots of profit in the festive season.\u00a0Companies have been dependent on the advertisement to boost their revenue\u00a0during the non-festive season.<\/p>\n

 <\/p>\n

So in case you are looking for GST registration<\/a> for selling of goods or services , \u00a0consult BIATConsultan<\/a>t experts to guide you throughout the process and will get your GST number registered<\/p>\n","protected":false},"excerpt":{"rendered":"

It has been quite some time since GST has been implemented in India. The main objective of the new tax regime was to make one tax system in one nation. Let us look at the way goods and services tax has impacted business in India. Small and medium businesses The central goods &amp; service tax … <\/p>\n

Continue reading “HOW GOODS AND SERVICES TAX (GST) HAS IMPACTED BUSINESSES IN INDIA”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":72,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[31],"tags":[38,36,35,37,34],"class_list":["post-71","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-registration","tag-est-registraiton-process","tag-gst-registraiton","tag-gst-registration-in-india","tag-gst-registration-online","tag-how-to-register-for-gst"],"yoast_head":"\nHOW GOODS AND SERVICES TAX (GST) HAS IMPACTED BUSINESSES IN INDIA - Business , Financial & Legal Consultant In India<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.biatconsultant.com\/blog\/how-goods-and-services-tax-gst-has-impacted-businesses-in-india\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"HOW GOODS AND SERVICES TAX (GST) HAS IMPACTED BUSINESSES IN INDIA - Business , Financial & Legal Consultant In India\" \/>\n<meta property=\"og:description\" content=\"It has been quite some time since GST has been implemented in India. 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