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Sachin Menon

Partner and Head of Indirect Tax , KPMG India

Proposals affecting tax payers in Budget 2018

 

Questions Answered

Q

guest: What is your view on GST rates?

Sachin Menon: There might be some rationalisation in the GST council meeting...
Q

guest: what were your expectation on this year\`s budget relating to indirect tax

Sachin Menon: With introduction of GST decisions are largely taken by the GST Council. It was expected that the government could not announce any big bang changes relating to GST. However, it is too early to conclude that there is no changes in GST, as the changes in the GST law could be introduced in the second budget session of the parliament, provided GST council takes a call on various pending matters in the next meeting. Changes on the Customs front were expected from this Budget and the government has made several changes in the customs duty primarily to provide impetus to “Make in India” initiative of the government.
Q

guest: how costly will mobiles phones be from april 1

Sachin Menon: Customs Duty on Cellular mobile Phones has been increased from 15% to 20% and on its specified parts and accessories from 15% to 20% from 2/2/2018. Hence, there will be increase in the cost of aforementioned articles when imported in to India from the said date.
Q

guest: what is stored for custom duty on goods

Sachin Menon: Several changes in the Customs Duty rate have been made through the Budget 2018 eg: Customs Duty for Cellular mobile phones increased from 15 to 20%,Customs Duty for parts and accessories of mobile Phones increased from 10 to 15%, Customs Duty for LCD / LED / OLED panels of televisions increased from 10 to 15%, etc.
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