GST Impact on Service Sector in India


Indirect taxes have always been contributing more than direct taxes to the Government’s Revenue. Services solely contribute major part of the whole Gross Domestic Product (GDP), subsequently, it shows the major contribution of Services in taxes also. Service sector does not only dominate the GDP contribution but attracts the foreign investment towards the Indian Economy. Service Sector contributes significantly in export as well as provide a large scale employment. India’s services sector covers a wide variety of activities such as trade, hotel and restaurants, transport, storage and communication, financing, insurance, real estate, business services, community, social and personal services, and services associated with construction.

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IN TOTAL 27 RETURNS PRESCRIBED UNDER GST; FIND OUT HOW MANY YOU NEED TO FILE

 

With introduction of Goods and Services Tax in India, compliance for tax payers is set to go up. Service sector will get most effected since under current law, almost every service provider operated under centralised registration scheme wherein 2 returns in a year is all they file. Annual return has been recently added. Manufacturing sector is a compliance heavy industry which files monthly Excise and VAT returns (state specific).

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Demonetisation, GST to have Wide Impact: RBI Governor


December 31, 2016

Reserve Bank of India (RBI) governor Urjit Patel said that the implementation of the goods and services tax nationwide will provide flexibility to the economy. He further said that the demonetization of higher currency notes will embrace a significant change in long-term. The quotes were mentioned in the Financial Stability Report published by RBI.

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