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“The major central and state levies to be subsumed into GST constitute 25% to 40% of the price of products, with certain categories being taxed at lower rates. There could be a reduction of tax incidence for several product categories if the standard GST rate is in the range of 18-20%. The headline tax rate on services is likely to increase as these are currently taxed at 15% even though expansion of the input credit base should partially offset the increase.”
RAJEEV DIMRI, leader-indirect tax, BMR and Associates

“We remain neutral to GST as we have both ayurvedic and cosmetic products, and we do not know what classification —111″ will apply to us. The question is under what rate we will fall. For ayurvedic products, the current VAT (value-added tax) rate is around 4% and for cosmetics, it is 12.5%.”
MOHAN GOENKA, director, Emami

“Manufacturers can now concentrate on their main business of production without the complexity of multiple tax compli-ances. I’m also sure that given the dynamism of the government, it will certainly pay attention to the request of our information technology sector for a differentiated approach under GST.”
V.S. PARTHASARATHY, group chief financial officer, Mahindra and Mahindra

“GST will be helpful for the entire manufacturing sector as embedded taxation will be done away with. Clarity on the impact on the car market will emerge once the RNR (revenue neutral rate) is firmed up.”
SUGATO SEN, deputy director general, Society of Indian Automobile Manufacturers (Siam)

“Implementation of GST is likely to reduce transaction cost of doing business. I am confident that once implemented, it will not only bring relief to the consumers, but also help the retail sector in a big way.”
KRISH IYER, president & CEO, Walmart India

“There’s a proposal for high GST (around 30-40%) for aerated beverages, which constitute a significant part of bills of quick service restaurants. This will have an impact on consumers. On the other hand, alcohol is kept out of the purview of GST. This would give room for states to have their taxes. Ultimately, cost is always passed on to consumers.”
RAHUL SINGH, founder of Beer Cafe and honorary secretary at the National Restaurants Association of India

“It is a win-win for both the honest tax-paying consumer and manufacturers. This bill will definitely change the scenario for consumer durables in the country as it will pave the way for progressive growth.”
ANIRUDH DHOOT, director, Videocon Industries 4

“GST will be the biggest reform since 1991, which will make India an attractive destination for foreign investments. Manufacturing will get more competitive due to the emergence of a national market as against the present fragmented one. Rpll-over on the 1 April 2017 may affect the fast quarter business of 2016-17. Hence, implementation during mid 2017-18 would be ideal and preferable.”
ASHOK P. HINDUJA, chairman, Hindula group of companies

“The cinema industry has been taxed as a vice by a host of regulatory bodies, including local, state and central authori-ties at high rates, which has stunted industry growth. We are hopeful that the subsuming of all these taxes under GST will ease the pressure on industry and allow it to grow to its full potential.”

Source : Mint

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