But for the long run GST will be helpful for sustainable and long term growth. Secondly, it brings a lot of transparency about service taxes.Aashmeen Munjaal, makeup artist and beauty expertOne good thing about GST is that it brings uniformity. We may encounter hiccups in the beginning but I feel in the long run, it’s all good.The GST is definitely going to affect our business, just like demonetisation did: Kunal Anil Tanna Still reeling from the impact of demonetisation, the fashion and beauty industry braces itself for the effect of GST on their business. Amy Billimoria, designerThere’s a lot of chaos and confusion at the moment and we are trying to get ourselves educated about the whole new law.
GST can play a central role in accelerating growth in the domestic market and making India become a player in the international markets. The tax has gone from 12 to 28 percent on goods and services. I feel people won’t China PET injection molding machine Manufacturers be able to maintain a set budget. But eventually everyone will get used to it..Samant Chauhan, designerGST has impacted almost every industry and consumer.Kunal Anil Tanna, designerThe GST is definitely going to affect our business, just like demonetisation did. Percentage levied on designers could have been low as it’s a wrong perception that all designer wear is expensive. It’s going to hugely impact our sales. So while dealing with clients, we won’t have to explain too much. Also, the tax on discounting will bring all the E-Com players on the same ground where the companies will not be able to influence the customer by undue discounting of products. I just hope things settle soon. Industry experts anticipate the implication of the tax reform on their sales. India has a large garment production base which is supported by an even larger domestic market. I trust our government and in the long run it will benefit everyone.
We were at a six percent VAT but luxury goods now come under the 28 percent, so it’s a huge hike. But it is expected to be positive in the long term. Also, this industry will start getting more registered taxpayers under a well regulated system. Harsh Shah, co-founder, FyndWe are expecting a reduction of rates due to the effect of Anti-Profiteering law on the rates of products which is speculated to go up.Mansi Bhasin, Creative head, OLBEESGST would enable a smoother input credit system which would shift the balance towards the organised sector. In the short run it might cause some issues and discomfort but in the long run, it will be good. Sales will definitely go slow for a month. Also, beauty services are also hugely affected but with such raised tax rate, I think people are going to rethink their sessions of monthly pampering.Bharti Taneja, beauty entrepreneurBeauty products and services may become a luxury, that’s what I fear the most. If I want to open a franchise in another city, another state, I’ll be able to do that smoothly because GST laws are applicable uniformly everywhere.Gautam Gupta, designerGST is a good step and I welcome it.