The First Model GST Law came on public domain on 14 June, 2016, thereafter got revised on 26th November,2016. Now the Law has been finally Passed, the ministry is hoping to roll out GST from 1st July,2017.
The textile and apparel industry in India represents around 10% of make or generation and 2% of India's Gross Domestic Product (GDP) and constitutes around 13% of nation's fare profit. The impact of GST on the textile industry could be resolved simply after conclusive rates are announced for the merchandise.
With the implementation of GST, customers won't be subjected to double taxation. All taxes that are levied while purchasing good would include both the central government’s taxes and the state government’s taxes.
As the days for implementation of GST are nearing, anyone and everyone, is concerned about how it will impact them and their business/profession/occupation. The confusion is pertaining to applicability of provisions of a complex law which aims at simplifying the taxation process.
Although the insurance sector is likely to grow following the increased income in the hands of people with the pay hike of seventh pay commission being implemented, the experts opined that the service sector in general and insurance is going to be affected when the Government rolls out the Good and Services Tax (GST) on July 1, 2017.