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Less Taxing

FOCUS Graphiti A distortion-free indirect tax regime will lower prices of Indian goods and services, boosting exports LESS TAXING 12% TOP FIVE SECTORS Export gains are expected to vary between 3.2 and 6.3 per cent with corresponding value bump-ups ranging between $5.4 billion and $10.7 billion THAT WILL GAIN* India has moved a step closer to implementing an overarching Goods and Services Tax (GST) with the Centre and states agreeing on its broad contours. This will simplify the tax structure, broaden the tax base, and create a common market across states, boosting both growth and employment. 7.21% 5.04% 4.22% 3.57% CHEMICALS IRON AND STEEL INDUSTRIES INDUSTRIAL MACHINERY FOR FOOD AND TEXTILES AGRICULTURAL MACHINERY Graphic by Santosh Kushwaha PLASTIC AND RUBBER PRODUCTS The proposed GST rate in India is on par with that in many other countries * In value terms INDIA CANADA 112% to 20% 5% Imports, too, will rise from a boost to economic activity UK 20% AUSTRALIA 10% FRANCE NEW ZEALAND CHINA 19% The Centre will start compensating states for 5) the cut in the Central Sales Tax (CST) ahead of the transition to GST. States pared CST to two per cent from four per cent as part of a gradual phase-out TOP FIVE SECTORS 15% 17% 3.29% THAT WILL GAIN* 2.77% 2.68% 2.51% 2.43% 2 2% 100% GDP growth is expected to expand, as it has done in other countries which adopted GST 75% 50% LC MN *Projected Imports will rise between 2.4 and Total compensation 4.7 per cent with values rising between $3.6 779,500 cr 4 to 5 mn 2.5% billion and Total CST arrears $6.9 billion {34,000 crore AMOUNT INDIA STANDS TO GAIN ANNUALLY BY INTRODUCING GST ESTIMATED GROWTH IN EMPLOYMENT WITH THE COMING OF GST THE AVERAGE DECLINE IN MANUFACTURED PRODUCT PRICES WITH THE INTRODUCTION OF GST * In value terms Source: Ernst & Young. NCAER, Thirteenth Finance Commission, BT Research RISE IN GDP WITH THE COMING OF GST CANADA NEW ZEALAND AUSTRALIA INDIA 0.9% to 1.7% WOOD AND WOOD PRODUCTS COAL AND LIGNITE IRON ORE AGRICULTURE MACHINERY FOOD PRODUCTS CLUDING SUGAR O/NO 8 7 FOCUS Graphiti A distortion-free indirect tax regime will lower prices of Indian goods and services, boosting exports LESS TAXING 12% TOP FIVE SECTORS Export gains are expected to vary between 3.2 and 6.3 per cent with corresponding value bump-ups ranging between $5.4 billion and $10.7 billion THAT WILL GAIN* India has moved a step closer to implementing an overarching Goods and Services Tax (GST) with the Centre and states agreeing on its broad contours. This will simplify the tax structure, broaden the tax base, and create a common market across states, boosting both growth and employment. 7.21% 5.04% 4.22% 3.57% CHEMICALS IRON AND STEEL INDUSTRIES INDUSTRIAL MACHINERY FOR FOOD AND TEXTILES AGRICULTURAL MACHINERY Graphic by Santosh Kushwaha PLASTIC AND RUBBER PRODUCTS The proposed GST rate in India is on par with that in many other countries * In value terms INDIA CANADA 112% to 20% 5% Imports, too, will rise from a boost to economic activity UK 20% AUSTRALIA 10% FRANCE NEW ZEALAND CHINA 19% The Centre will start compensating states for 5) the cut in the Central Sales Tax (CST) ahead of the transition to GST. States pared CST to two per cent from four per cent as part of a gradual phase-out TOP FIVE SECTORS 15% 17% 3.29% THAT WILL GAIN* 2.77% 2.68% 2.51% 2.43% 2 2% 100% GDP growth is expected to expand, as it has done in other countries which adopted GST 75% 50% LC MN *Projected Imports will rise between 2.4 and Total compensation 4.7 per cent with values rising between $3.6 779,500 cr 4 to 5 mn 2.5% billion and Total CST arrears $6.9 billion {34,000 crore AMOUNT INDIA STANDS TO GAIN ANNUALLY BY INTRODUCING GST ESTIMATED GROWTH IN EMPLOYMENT WITH THE COMING OF GST THE AVERAGE DECLINE IN MANUFACTURED PRODUCT PRICES WITH THE INTRODUCTION OF GST * In value terms Source: Ernst & Young. NCAER, Thirteenth Finance Commission, BT Research RISE IN GDP WITH THE COMING OF GST CANADA NEW ZEALAND AUSTRALIA INDIA 0.9% to 1.7% WOOD AND WOOD PRODUCTS COAL AND LIGNITE IRON ORE AGRICULTURE MACHINERY FOOD PRODUCTS CLUDING SUGAR O/NO 8 7 FOCUS Graphiti A distortion-free indirect tax regime will lower prices of Indian goods and services, boosting exports LESS TAXING 12% TOP FIVE SECTORS Export gains are expected to vary between 3.2 and 6.3 per cent with corresponding value bump-ups ranging between $5.4 billion and $10.7 billion THAT WILL GAIN* India has moved a step closer to implementing an overarching Goods and Services Tax (GST) with the Centre and states agreeing on its broad contours. This will simplify the tax structure, broaden the tax base, and create a common market across states, boosting both growth and employment. 7.21% 5.04% 4.22% 3.57% CHEMICALS IRON AND STEEL INDUSTRIES INDUSTRIAL MACHINERY FOR FOOD AND TEXTILES AGRICULTURAL MACHINERY Graphic by Santosh Kushwaha PLASTIC AND RUBBER PRODUCTS The proposed GST rate in India is on par with that in many other countries * In value terms INDIA CANADA 112% to 20% 5% Imports, too, will rise from a boost to economic activity UK 20% AUSTRALIA 10% FRANCE NEW ZEALAND CHINA 19% The Centre will start compensating states for 5) the cut in the Central Sales Tax (CST) ahead of the transition to GST. States pared CST to two per cent from four per cent as part of a gradual phase-out TOP FIVE SECTORS 15% 17% 3.29% THAT WILL GAIN* 2.77% 2.68% 2.51% 2.43% 2 2% 100% GDP growth is expected to expand, as it has done in other countries which adopted GST 75% 50% LC MN *Projected Imports will rise between 2.4 and Total compensation 4.7 per cent with values rising between $3.6 779,500 cr 4 to 5 mn 2.5% billion and Total CST arrears $6.9 billion {34,000 crore AMOUNT INDIA STANDS TO GAIN ANNUALLY BY INTRODUCING GST ESTIMATED GROWTH IN EMPLOYMENT WITH THE COMING OF GST THE AVERAGE DECLINE IN MANUFACTURED PRODUCT PRICES WITH THE INTRODUCTION OF GST * In value terms Source: Ernst & Young. NCAER, Thirteenth Finance Commission, BT Research RISE IN GDP WITH THE COMING OF GST CANADA NEW ZEALAND AUSTRALIA INDIA 0.9% to 1.7% WOOD AND WOOD PRODUCTS COAL AND LIGNITE IRON ORE AGRICULTURE MACHINERY FOOD PRODUCTS CLUDING SUGAR O/NO 8 7

Less Taxing

shared by daSantosh on Feb 13
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India has moved a step closer to implementing an overarching Goods and Services Tax (GST) with the Centre and states agreeing on its broad contours. This will simplify the tax structure, broaden the t...

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