Tax Test
BlackBook — India's Luxury Insider|July 2018

On the first anniversary of the GST regime, industry experts review the year gone by and suggest crucial reforms and changes

Riddhi Doshi
Tax Test

 

Last July, the Goods & Service Tax (GST) was implemented with the promise of creating one, central market in the country. The initial phase of the new tax regime was marked by unprecedented confusion, followed by several revisions to the tax structure. A year after, while addressing the nation on his radio show Mann Ki Baat, Narendra Modi hailed the tax as a tool that has brought growth, simplicity and transparency to our economy. ‘Ease of Doing Business, benefitting small and medium enterprises,’ the Prime Minister tweeted.

For the luxury industry, however, the tax regime is a mixed bag. Many businesses are still unsure about the tax structure, especially tax credit returns. “Overall, there is much confusion about what falls under luxury and what doesn’t,” says Kumar Rajagopalan, CEO of the Retailers Association of India. The government had initially listed all furniture pieces and some kitchenware under the highest tax bracket of 28 per cent, but revised the bill later.

The lengthy process to move a product from one outlet to another is a bigger challenge. Under GST, a retailer must produce an e-way bill to do so. This takes time, delays sale, and sometimes also results in the loss of a deal. In the luxury retail industry, it’s common practice to store a product in one outlet and ship it to another for a client. “No luxury retailer anywhere else in the world has to produce an e-way bill,” says Rajagopalan.

هذه القصة مأخوذة من طبعة July 2018 من BlackBook — India's Luxury Insider.

ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.

هذه القصة مأخوذة من طبعة July 2018 من BlackBook — India's Luxury Insider.

ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.

المزيد من القصص من BLACKBOOK — INDIA'S LUXURY INSIDER مشاهدة الكل
No Stone Unturned
BlackBook — India's Luxury Insider

No Stone Unturned

BlackBook travels to Surat to explore the step by step journey of a Forevermark-approved diamond—and what the grading giant has planned for its india expansion

time-read
3 mins  |
May 2018
The Revival Of Retail
BlackBook — India's Luxury Insider

The Revival Of Retail

There is nothing quite like browsing through a physical store full of curiosities and beautiful things. Is that why we are seeing a resurgence of luxury boutiques?

time-read
4 mins  |
May 2018
Bringing Their A-game
BlackBook — India's Luxury Insider

Bringing Their A-game

Inside Mumbai’s snazzy co-working and leisure club, The A, a members-only space with a built-in prohibition-style speakeasy and a virtual reality zone

time-read
3 mins  |
May 2018
Will India Sail Through?
BlackBook — India's Luxury Insider

Will India Sail Through?

The long neglected coast of India has received a new lease of life from the Indian government which is developing its ports to attract cruise tourism to the country.

time-read
6 mins  |
March 2017
The Ultimate Address In Luxury
BlackBook — India's Luxury Insider

The Ultimate Address In Luxury

Stellar views and large living spaces are real estate gold when it comes to residential properties in a space-starved metropolis like Mumbai. Vivarea by K Raheja Corp, with its world-class amenities, offers the best of both.

time-read
4 mins  |
March 2017
The Design Doyenne
BlackBook — India's Luxury Insider

The Design Doyenne

Gayatri Ruia has created a niche for herself in the world of luxury through her diverse pursuits in art, interiors and fashion.

time-read
2 mins  |
February 2017
The golden boy
BlackBook — India's Luxury Insider

The golden boy

Siddharth Kasliwal, who represents a vibrant new face of luxury, upholds his family legacy even as he forges ahead with his own vision of opulence. 

time-read
10+ mins  |
October 2016
J​​​​​aipur Hospitality's New Finesse
BlackBook — India's Luxury Insider

J​​​​​aipur Hospitality's New Finesse

For decades, royal abodes have been Jaipur’s most esteemed getaways. Now, stylish havelis, impeccable boltholes and standout restaurants dot the landscape.

time-read
5 mins  |
October 2016
The Rajputana Thoroughbred
BlackBook — India's Luxury Insider

The Rajputana Thoroughbred

Motorcycle enthusiasts are racing to Jaipur for bespoke bikes with an Indian ethos.

time-read
2 mins  |
October 2016
Design Story
BlackBook — India's Luxury Insider

Design Story

Good Earth tells tales of enchanted India, with a contemporary lens. BlackBook speaks to CEO Simran Lal about luxury, her inspiration and upcoming wellness offerings.

time-read
3 mins  |
June 2018