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Expats hail India tax plan
By William Faria July 02, 2017
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DUBAI: Non Resident Indian (NRI) businessmen operating in the UAE are optimistic that India’s game-changing tax reform since independence, Goods and Services Tax (GST), will propel foreign direct investments (FDIs) and largely benefit the NRI community as it will improve confidence in the market.

GST was launched at midnight of Friday, marking a historic milestone in India’s governance.

The new taxation pattern is believed to dramatically reshape the country’s 2 trillion dollar economy as it also replaces a series of indirect taxes with a unified one.

Avin Gidwani, CEO BNC Network, Dubai says India’s GST is a greatly simplified tax system that will significantly increase the ease of doing business in India.

He added “As NRIs we are benefited by the simplicity and efficiency of government systems in the UAE. It is good to see India moving in this direction, as GST is healthy for the country”.

Nausheen Shamsher, an NRI woman entrepreneur says that while the proposition for GST is yet fully to be fully implemented, she observes that the Indian government certainly has a long-term vision towards the introduction of this tax.

As for the NRI’s, Nausheen says the GST will pave room for transparency and will certainly boost FDIs. She is confident that the government’s bold move will streamline the processes and cut-off duplication of taxes, added that the future looks bigger and better.

A leading Indian builder, Dhruva Sheth, of KT Group has a different sentiment about the new GST system.  He says that with businesses being in very bad shape in India, after demonitisation, the government has come up yet with the GST, adding that the government is semi-transparent and wants to loot the business community by introducing new laws.

Agnelo Oliveira, a leading Architect says that as long as the government introduces new taxes or laws, it must be highly beneficial to the business community at large.  He hopes that the newly introduced GST will further boost the country’s economy and strengthen the business community.

Sailesh Jatania, CEO Gemini Property Developers, says the historic overhaul of the existing tax legislation is a welcome move by NRIs that will boost the Indian economy.  Jatania adds that the GST will significantly minimize the red-tape bureaucracy and increase tax revenues, which will further strengthen India’s economic growth.

He however says that it would have been better for the NRIs and the Indian public to be given more time to be prepared to fully embrace it.

Malik Abadullah, Managing Director of FapWorld says that with the introduction of GST the prices of Gold and other precious metals will become competitive. He also added that for NRIs it will boost property buying back home & also propel FDI.  He noted that the important benefit of introducing GST will be the removal of cascading tax effect. (Means Tax on Tax).

He said that GST threshold has been increased to 20 Lakhs thus exempting many small traders and service providers. Malik says that GST is aimed at bringing SME and unorganised sectors under purview though all will not be smooth sailing as there will be  teething problems as well.
 

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