India’s new GST system will bring down the cost of imports and exports for Sri Lanka from and to India.
The traders based in Sri Lanka will not have to bear the cost of any indirect tax except the basic customs duty and Social Welfare Surcharge, as applicable. Traders in India can now claim GST paid on imported goods as tax credit from Government of India, The High Commission of India said.
Launched in July 2017, GST is hailed as India’s biggest tax reform since independence. GST has resulted in economic integration of India, by subsuming more than a dozen State and Central levies into one tax. GST has unified 29 states of India into a common national market for the first time. [One nation, One tax]. GST has also substantially increased ease of doing business in India. GST has mitigated cascading effects in taxation as well as ensured transparency, certainty and simplicity.
0 comments: