What has been the impact of GST on your customers? How are your customers coping with multiple GST slabs, tracking of invoices and movement of goods across state borders?
The impact of GST is different from client to client. For example, a publisher with zero GST does not benefit from GST since he can’t take ITC (Input Tax Credit) and GST is added to his cost. Likewise, due to confusion of GST to be charged in the first couple of months there was a lot of difficulty in giving quotations and invoicing but now slowly things are getting in place. Once the initial technical hitches are taken care of, I am confident that all shall benefit from GST.
Do you believe it’s in our best interest that all our (printing and packaging industry) the tangible products are covered under HSN (Goods) so that there is a greater chance of coming under the manufacturing sector and acquiring industry status?
I truly believe that it is in the interest of all of us that printing and packaging and all type of paper and paper products are covered under HSN, not only would it help us in acquiring industry status but it will also help us in organising our business better.
The Ministry of Finance issued a Notification No 31/2017-Central Tax (Rate) dated 13 October 2017, which formalised the decisions regarding the GST rates at the 22nd Council meeting on 6 October 2017. Is there clarity, finally? Please name one thing on your wish list for the government.
There is some clarity but lot more is needed. I have four predominant wish list items — have single rate of GST for Chapter 48 paper (excluding newsprint and wallpaper); remove RCM (Reverse Charge Mechanism) permanently; remove eWay bill system for movement of goods within the same state and increase the server capacity of GSTN.
Latest Poll: GST hopes to change the indirect tax structure in India. Is GST working thusfar?
GST will be beneficial in the long run: 27%
Good law, poorly implemented: 30%
Small firms face a compliance burden: 15%
Multiple slabs, invoice matching and glitches in the GST Network are a pain: 20%
GST is a uniform and simple tax regime for India 8%