Key takeaways of 8th GST Council meeting

 

Racing against time on the Government’s Goods and Services Tax (“GST”) implementation target of April 1, 2017, two – day meeting of all powerful GST Council, 8th in a row, begun on January 3, 2017. On the first day of the GST Council meet, the Ministry of Civil Aviation, Commerce, Railways, Electronics and IT and industry bodies such as NASSCOM made presentations on their expectations from GST.

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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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