Unified tax on goods and services (Goods and Services Tax, GST) will be introduced in India from July 1, 2017 and will replace the multitude of consumer taxes. The authorities expect that the new tax maneuvers to change the "rules of the game" in the business in the medium term, reduce the "layering" of some other fees, will increase the competitiveness of India and the volume of investment, and create jobs.
Indian Finance Minister Arun Dzheytli (Arun Jaitley) said: "Despite the challenges of growth, we hope that a flat tax would be prepared to introduce before July 1, The whole process should be completed by September 15. At present, it is the biggest tax reform since.. independence. After the implementation of its tax system would be much more effective. tax collections also grow. In addition, thanks to a new system of cash payments become more complicated. "
The GST, is expected to lead to a reduction in volumes of release from the payment of taxes, which could have an impact on the prices of goods, as well as increase the capital requirements for the management of cross-border deliveries. It will also mean a reduction in the tax on imports and reduced export incentives, affecting exports, experts said.
Industry gems and jewelry is committed to ensuring that the tax rate for it was 1.25%.
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Botswana, which is currently facing a negative effect from falling diamond prices, plans to use part of its foreign exchange reserves, whose reserves in the country reach $ 8.5 billion, to stimulate the economy, sources say.
Diamonds account for about 75% of the foreign exchange earnings of the South African country and 30% of GDP.
However, since the end of 2014, diamond prices have declined due to a decrease in lending to the diamond industry, due to the strengthening of the US dollar and the slowdown in the growth of China's economy. These factors have had a negative impact on the economy of Botswana.
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