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?
Subsequent to the implementation of GST, there has been an impact across all industries, including the printing Industry. We experienced a drop in volumes. Most of our products are under 18% GST rate. Only limited products fall under the highest rate of 28% GST. Thus, customers have not majorly reported difficulty in coping with either multiple GST slabs or tracking of invoices and movement of goods.
Do you believe that 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?
Yes, I do agree. But according to me, all our tangible products are already covered under HSN (Goods).
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.
Top of my wish list is that the IT system/infrastructure to be made robust to support smooth returns filing. Printing inks having different HSN codes should be brought under a single rate of GST, preferably 18%.
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%