Noida :– 1st July 2017 marked the introduction of GST in India, a historic and game changer reform. GST in one year has resulted in increased formalisation and greater tax compliance.
Some of the major decisions taken by the GST Council can be summarised as increase in the threshold limits for composition scheme, quarterly return filing for small taxpayers reduction in the rate of taxes, extension of due dates in filing returns, postponement of reverse charge applicable on procurements from unregistered persons etc.
After the implementation of the GST, we can see both its positive and negative effects on Import and Export Sector, Real Estate and Property, Entertainment Industry, Hotel and Tourism, Banking Sector, Gold Industry and IT industry.
As India Approached the first anniversary of the launch of the Goods and Services Tax, Ten News Decided to Caught up with key sectors of the economy to know their opinion in Noida.
“This low GST rate helped the gold and jewellery trade to go for more compliant and would mature as an organised sector in the years to come,” said, Sudhir Singhal, Sales Manager, Manohar Lal Jewellers.
“The GST Implementation move have encouraged the industry to become more organised, and help GJF to take them towards the path of accountability and transparency,” said ARM Jewellers, Noida Head.
“As the government tried to make sure that all businesses should coming under the tax umbrella. So we have to hire someone to do taxes as we don’t know how to use a computer or laptop. it’s creating a big problem for all of us who don’t know how to use computers,” said one of the Electronics Shop owner in Noida.