Plans Of Apple India Will Have To Wait For The Roll Out Of The GST
Nirmala Sitharaman, the minister of commerce and industry, stated that the demand of Apple for the incentives of the tax for setting up of a manufacturing unit in India would be looked at after the rolling out of the GST. She stated that GST Implementation In India rolling out of the GST will take place soon therefore, tax related incentives as per the demand of Apple will have to be viewed from a different perspective and a different angle. She also stated that most of the demands of the Apple haven’t yet been approved by the government.
As per certain reports; a manufacturing unit will be set up by Apple in Bengaluru in 2017, where assembly of the products, likely iPhone 6 and 6s model will be done. Ind AS Implementation In India This technological giant of America has asked for certain concessions to be given on the taxation and imports to be able to set up the unit in India. This technological giant currently possesses the manufacturing units in Brazil and China.
Other than the tax sops, Apple needs relaxation in 30 percent of the mandated local sourcing of the components. Earlier it was mentioned that all the components of the company would be imported as the company would be bringing in the latest technological advancements. Apple also wishes to open the retail outlets that would be fully owned by Apple.
In January, Apple had expressed to the government that Apple is ready and possesses the blueprint to begin the manufacturing of the iPhone's however, it requires fiscal concessions, including waiver of the customs duty on the components to be imported.
Differentiated tax for beverages sector in GST-Coco Cola
As per the proposal, higher taxes would be imposed on the aerated drinks in the GST. The Coco Cola India has stated that the sector would benefit if the government starts differentiating the products on the basis of sugar/calorie content for the promotion of the public health under the new indirect tax regime.
As per the president of Coco Cola India and South west Asia, the beverages’ industry would benefit if the government for promoting the public health differentiates the Internal Audit Outsourcing In India products on the basis of Science or ingredients under the GST. He added that the inclination would be immense towards any proposal supporting the growth of low and zero calorie products.
As per him this would make India like other countries, UK, etc., where the selling is more of coke zero as compared to the regular coke. It would be beneficial for the International Tax Advisory In India government as well as the consumers to move towards the products possessing low sugar and Coco Cola does have a range. As per the council of the GST, the aerated drinks would be considered to be luxurious under the GST.