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  Business   Companies  03 Jul 2017  Impact of GST on consumer electronics sector

Impact of GST on consumer electronics sector

THE ASIAN AGE.
Published : Jul 3, 2017, 3:39 pm IST
Updated : Jul 3, 2017, 3:39 pm IST

Videocon along with Assocham has undertaken to hold GST Summit across 200 cities in India.

Videcon is a major player in consumer electronics segment.
 Videcon is a major player in consumer electronics segment.

The implementation of GST will be a revolutionary step for the country. With the GST already in place, we are keen to help in smooth transition for retailers and distributors, who we have such long-standing relationships with.

Videocon along with Assocham has undertaken to hold GST Summit across 200 cities in India including the tier II and III cities to ensure that all members of the industry move positively at a pace which is in line with the nationwide rollout of India’s greatest tax reform.

 

Apart from minimizing issues arising out of tax compliance and transparency, we see organized sector making huge benefit under the GST. Our electronic consumer durable industry is a combination of organised and unorganised market participants.

The provisions under GST such as lower limit of eligibility for obtaining registration and applicability of reverse charge mechanism from purchase of unregistered trader, will lead to more registered traders and assist in making this industry make a sharp move towards more organised sector.

This will further assist in reducing the discrepancy between organised and unorganised component leading to growth of industry as a whole. Also the logistics cost will be reduced drastically due to better management of warehousing facility and improvement in transit time for movement of goods.

 

Mr C M Singh is chief operating officer, Videocon. Views expressed in this article are his own.

Tags: gst, gst council, consumer electronics, videocon, home appliances, goods and services tax
Location: India, Maharashtra, Mumbai (Bombay)