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Maharashtra Industries Department Announced A Committee To Study GST Impact

The much-awaited Goods and Services Tax (GST) regime came into force from 1st of July last week, with a grand launch at the Central Hall of the Parliament in the presence of various dignitaries including President Pranab Mukherjee and Vice President Hamid Ansari. Prime Minister Narendra Modi, being the key speaker of the event, highlighted several benefits of the new tax rule in his speech.

The new regime’s main objective alongside others is to get rid of multiple taxes and implementing one single tax system covering all other taxes. This will bring a major impact over various sectors including finance and insurance in the long run. Since the tax slabs are going to be alike across various states post GST, the state officials are keen on studying the impact this may have over state industries.

To understand the deeper implications of GST across industries, the Maharashtra Industries Department has announced to establish a special committee.

The minister of Maharashtra Industries, Mr. Subhash Desai explains that under the earlier VAT system, “we used to give incentives to industries in the form of refunds”. However, post GST roll-out, there’s a change in the scenario which may have a considerable effect on investments. Hence, the secretary of the department is expected to study these changes and submit a report suggesting alterations so as to “make investments in the state easy,” concludes Desai.

GST is here to stay. For more information about how the tax reform will impact insurance and other financial sectors, visit OneInsure.

(Source and Credits: The Times of India)

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