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Private Limited Company Registration Bangalore | Kanakkupillai

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Private Limited Company Registration Bangalore | Kanakkupillai

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  1. FMCG companies seek tax relief -to lift sales | Kanakkupillai www.kanakkupillai.com

  2. FMCG - Industry The fast-moving consumer goods (FMCG) industry has petitioned the government to remove goods and services tax on the amount received by dealers and retailers as reimbursement against discounts and for promotional programmes to boost sales. 

  3. Central Board of Indirect Taxes and Customs. A circular issued by the government in end-June had said the amount received by a dealer from a supplier to sell a product at a special reduced price would be liable to GST, adding to the industry's woes. 

  4. GST Impact • Dealers have to bear GST on the price inclusive of the discount, as per the current provisions. Moreover, they do not receive credit against tax paid on the discount portion. • Unless the earlier stocks get depleted, the distributor won’t buy fresh stock. So additional discounts are being given by companies to the distributor to do away with existing inventory.

  5. GST treatment. Excluding certain discounts  • Discounts are given at various stages and situations in the FMCG value chain and it is necessary to consider these in the GST treatment. • Excluding certain discounts that are necessary for business purposes may put many businesses at a disadvantage,” said MS Mani, a partner at Deloitte India. • The government has come out with two circulars on the issue, but the issues of the levy of GST on reimbursement on the subsidy offered to dealers and on promotion by dealers have not been addressed.

  6. Conclusion If needed, necessary changes in law should be considered to keep it outside the purviewof GST. Given the wider ramifications, the government may want to engage with industry and come up with revised and more detailed clarification on all these aspects,” said Pratik Jain, the national leader for indirect taxes at PwC 

  7. New Company Registration Online in Bangalore Get your Company registered in Bangalore, Karnataka. Easy and Hassle-Free services provided by Kanakkupillai. Kanakkupillai is India’s No.1 Leading Top Most Business Consultants. ✓No Hidden Cost. ✓Free Consulting.

  8. Kanakkupillai Kanakkupillai offers a suite of business administrations like GST registration, trademark registration, LLP registration, Professional tax registration, IT Return Filing, etc. at a low price.

  9. Contact Us: CHENNAI OFFICE No 13/22 2nd floor,Yatra, TNGO Colony, West Karikalan street, Adambakkam, Chennai – 88 Phone: 7305 345 345 Email: support@kanakkupillai.com https://www.kanakkupillai.com/

  10. Thank You

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