With a couple of months away from GST implementation, many businesses are looking to understand how the goods and services tax will impact them. Among others, manufacturers are researching and analyzing now how this tax reform can usher in growth and opportunities for them.
The manufacturing industry has always been a major economic driver for many developing economies across the world, however India has not been able to profit fully from its advantages in this area. By changing the current cascading tax system to the goods and services tax, there are high hopes that the more direct and transparent GST system will lead to a manufacturing synergy in India.
Taxing occurs at each stage of the supply chain
Trader pays excise tax, but cannot claim excise duty credit
State border checkpoints and state entry taxes
Excise tax to be paid for manufacturing business with turnover above Rs. 1.50 crore
Reduced taxation, reduced cost of production - tax is applied only on the added value
Taking input tax credit/utilizing credit - trader will not be entitled to full GST credit
Saving time and money on transport with the elimination of state entry taxes
Turnover limit has been reduced to Rs 20 lakh
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