Impact of GST on retail sector is going to be positive as it will take down total indirect taxes, increase supply chain efficiently and facilitate unified input tax credit. After implementation of GST, state boundaries will be applicable form taxation and documentation point of view. Waning state boundaries will decrease the complexity for retailers and increase the circulation reach as well as efficiency.
The goods and services tax (GST) is one of the main tax reorganization that the country is about to witness. Currently, goods are accountable to various taxes/duties such as countervailing duty (CVD), basic customs duty (BCD), central excise duty on manufacture, special additional duty (SAD) on import, value-added tax on intra-state sale, central sales tax on inter-state sale, entry tax on entry of goods into local area, etc. and services are accountable to service tax. All of the above taxes and duties except BCD would be subsumed under GST.
Good and Services Tax(GST) is a comprehensive tax lived on manufacture, sale and consumption of goods and services at national level. Good and Services Tax (GST) is set to roll out in India with effect from April 1st, 2017. Indian retail industry is one of the fastest growing industry in the world.
GST will benefits 3 sectors the mostly: Retail and consumer companies, FMCG(Fast-moving consumer goods (FMCG) or consumer packaged goods (CPG)) and logistics business. In the retail sector, its implementation will mean a seamless integration of goods and services transaction across the states. It will gives benefit the value chain of different stages.
GST would have significant impact on the way businesses operate and one of the sector which would be significantly impacted by GST is the retail sector.
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