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Promoting Make in India: Role of GST

Blending GST with a clearly articulated manufacturing strategy would attract global investments, create jobs and there cannot be a better time to start the Make in India program. The GST rate has been reduced by 10% for most of the industrial products. Lower taxes, simplified tax structure, seamless tax credit facility and technology driven easy tax compliance system offered by GST will promote the manufacturing sector. Concentration should be on the following manufacturing Categories: semiconductor making equipment (SME) which is at the heart of most import products/ sectors today; manufacturing of specialty materials, nanotechnology, integrated circuits, etc.; manufacturing of computer, TV, mobile phone and other electronic and telecom equipment and producing skill- and labor-intensive products like auto components, furniture, apparel etc. Read more at: http://blogs.timesofindia.indiatimes.com/toi-edit-page/how-to-combine-gst-with-a-sharp-make-in-india-strategy-to-convert-india-into-a-global-manufacturing-hub/

 

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