Mark Weinberger, Global Chairman & CEO at EY, is skeptical about the government's retrospective tax solution in the Budget.
By: Menaka Doshi, CNBC TV18
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On the sidelines of the World Economic Forum held in Davos, speaking with Menaka Doshi of CNBC-TV18, Joshi said that the uncertainties over China‘s economic and forex policy spilled into markets and caused an over-reaction.
In an interview with CNBC-TV18‘s Menaka Doshi, Jigar Doshi of SKP Consulting said research and development cess will continue to remain as a cost since it is not subdued under GST.
Fatih Birol, Executive Director, International Energy Agency (IEA) says Iran's production will compensate for the decline in the US output and may lead to geo-political tensions among major oil producers.
Lutfey Siddiqi, Global Head, EM- FX, Rates and Credit at UBS says that structurally there is disruption and dislocation everywhere and the impact will be felt by economies with rigid labour markets.
Under GST, any local body tax or state tax will be available as a credit which will reduce overall costs and eliminate any dual levies of service tax and VAT on transactions. However, media companies will have to pay additional local body tax over and above the one proposed in GST.
The World Economic Forum kick starts in Davos, Switzerland and over 2,500 leaders from across the world will be taking part. CNBC-TV18's Menaka Doshi has more details from Davos.
It is further speculated that e-commerce players might have to move from single registration to multiple registrations across each state under GST, thereby increasing compliance costs.
"Currently, the sector is taxed at the normal rate for both excise and VAT and hence the overall duty burden is between 24% and 27%. As against this, if the GST rate for the standard rate of products for paints is 17-19%, there will be clearly an advantage," says Jayraj Sheth, Indirect Tax Partner, EY
In CNBC-TV18's special series 'Hello GST', Menaka Doshi examines the impact of Goods and Services Tax (GST) on the real estate sector
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In a special series "Hello GST", CNBC-TV18's Menaka Doshi analyses the benefits of Goods and Services Tax for different industries. Today‘s sectoral pick is pharma.
CNBC-TV18's Menaka Doshi decodes the Goods and Services Tax (GST) for the Indian telecom sector with the help of Jigar Doshi, Partner â€“ Indirect Taxation, SKP Business Consulting.
In a special series â€œHello GSTâ€, CNBC-TV18‘s Menaka Doshi decodes the benefits of Goods and Services Tax for different industries. Today‘s sectoral pick is fertilizers.
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