Maharashtra to form committee to study impact of GST on industries
Maharashtra Industries department has decided to form a committee to study the impact of Goods and Services Tax (GST) on industries in the state.
GST was rolled out across the country from July 1.
Maharashtra Industries minister Subhash Desai said the department has decided to form a committee under the Industries secretary to study the GST impact on industries.
"When the value added tax (VAT) was in place, we used to give incentives to industries in the form of refunds. However, GST has changed the scenario. We have no clue about its impact. So the department secretary will study the entire issue and submit report over the changes that should be made to make investments in the state easy," said Desai, who is from the Shiv Sena.
Meanwhile, an official from the Industries department said, the present industrial policy was aimed at generating more revenue through various taxes in place.
"However as far as GST is concerned, the tax slabs are same across the country which may not benefit a particular state to gain tax benefits from manufacturing," he said.
"Now it is time that we make necessary changes in the policy as we need industries, which are consumer products based," he added.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Retirement Planning: SIP+SWP combination; Rs 15,000 monthly SIP for 25 years and then Rs 1,52,000 monthly income for 30 years
Top Gold ETF vs Top Large Cap Mutual Fund 10-year Return Calculator: Which has given higher return on Rs 11 lakh investment; see calculations
Retirement Calculator: 40 years of age, Rs 50,000 monthly expenses; what should be retirement corpus and monthly investment
SBI 444-day FD vs Union Bank of India 333-day FD: Know maturity amount on Rs 4 lakh and Rs 8 lakh investments for general and senior citizens
EPF vs SIP vs PPF Calculator: Rs 12,000 monthly investment for 30 years; which can create highest retirement corpus
Home loan EMI vs Mutual Fund SIP Calculator: Rs 70 lakh home loan EMI for 20 years or SIP equal to EMI for 10 years; which can be easier route to buy home; know maths
08:27 AM IST