1 Jun 2017

Uncertainty and changes

GST is on track for July 1st implementation and the GST Council has set the applicable rates for 80-90% of goods and services (1211 items) and is trying to limit the list of exemptions to just 100 items. Pending implementation, some dealers may be deferring purchases which might cause a temporary drop in excise duties. All vehicles, boats and private planes have been assigned the top 28% rate. Following the recent global cyber attack, the RBI has instructed banks not to reopen ATMs until obsolete operating software has been upgraded. The government intends to direct physicians to prescribe only generic drugs where possible which will be a blow to local branded medicine producers.

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