The country is sweltering in the summer heat and some of us would be readying for vacations to cooler places, hoping that by the time we come back, clarity on GST would be complete.
This summer will see the states pass the SGST bills and the fitment committee (a panel within the GST Council constituted to discuss tax slabs) finalize the classification of goods across the five rate slabs (i.e. 0%, 5%, 12%, 18% and 28%). There are indications that the Central Government is working towards a single rate for each product group to avoid complexity. For example, all types of footwear could attract the same rate. The Central Government along with Ministry of Finance and related associations is pulling out all the stops to usher in the GST regime on July 1, 2017.
All large corporates have been preparing, and gearing up to be compliant themselves, they are also reaching out to their trade partners and vendors to help them in the transition.
While the GST story is being written, we all continue to innovate and strategize to reduce complexities and align ourselves to win over our customers. Parle Agro’s good old mango fruit drink Frooti, now comes with an added Fizz into it and a target of more than 3X growth in 5 years.
As India grows its manufacturing ambition, Godrej & Boyce has been working towards developing alternative applications for non-hazardous industrial waste through its Pun?h Project. Lot of work is also being done on technology and digitization. Software firms like JDA are helping companies decipher unstructured and scattered data into meaningful insights and benchmark their operations.
Enjoy the summers and thank you for reading our magazine. As always, we welcome your comments and suggestions on how we could improve ourselves.