Monday, 26 June, 2017

Tax burden likely to increase on medical device in GST regime

Indian Prime Minister Narendra Modi might be able to roll out this reform without a politically damaging rise in inflation Indian Prime Minister Narendra Modi might be able to roll out this reform without a politically damaging rise in inflation. Eranga Jayawardena
Marta Holmes | 04 June, 2017, 05:04

The Delhi government on Wednesday approved a special, one-day session of the assembly for passing the state Goods and Services Tax (GST) Bill on May 31.

The current indirect tax rate on the sector is also in the range of 9-11 per cent, including service tax and VAT.

The Goods and Services Tax (GST) was expected to work in favour of the Indian automotive industry, particularly for the hybrid and electric segments.

The GST Council may reconsider the proposed 43 per cent tax on hybrid cars at its meeting next week after the auto industry voiced disappointment over the steep rate hike.

Presently, the states levy entertainment tax of up to 100% with regard to exhibition of films in cinema halls/theatres.

India's enhanced tax revenues should be used to boost spending on health and education which is much lower as

The GST Council has decided a tax rate of 18% on cable TV and DTH services.

The present total tax incidence on medical devices works out to more than 13 per cent, while it would attract GST of 12 per cent. Now under the GST bill, there is 5 per cent, 12 per cent, 18 per cent and 28 per cent tax slab; this might be reduced to 1 or 2 tax slabs. Entertainment tax is like a turnover tax. As against this, the proposed GST rate for cement is 28 percent.

Other items coming under the 28 per cent slab are: single loudspeakers, mounted in their enclosures, Audio-frequency electric amplifiers, Electric sound amplifier sets, Parts; Sound recording or reproducing apparatus; and Video recording or reproducing apparatus, whether or not incorporating a video tuner. "Weighted average Value-Added Tax rate on smart phones works out to about 12 per cent".

Talwar, who is also the CEO of DLF Ltd, sought clarity on GST rate for construction of commercial properties for lease goal.

"The government has accepted the responsibility of compensation to local bodies for five years for the loss of revenue due to abolition of octroi and local body tax due to GST", he said.

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