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Budget 2012: GST boost for Indian e-Commerce entrepreneurs

The E-Commerce companies and their experts are expecting the prices of the online products to get lower with the implementation of the Goods and Services Tax. The Finance Minister Pranab Mukherjee announced GST to add in the list from August 2012 onwards.

Flipkart India Logo

Flipkart India

Raja Lahiri, Partner-Transaction Advisory Services, Grant Thornton, said that, “This is very positive news for the e-commerce and retail sector. Since this would synergy and stream lining of the tax structures.” The GST will add a positive growth in the retail sector as a whole, said Sunjay Guleria, co-founder of online private label site, Sher Singh.

The announcement has carried great surprise in the industry. “This is completely unexpected,” said Sachin Bansal, co-founder and CEO of books-to-electronics online retailer, Flipkart. “Supply chain will become cost-effective and we can pass on the savings to customers.”

In March 2011, the Constitution of India (115th amendment) Bill was introduced to enable Parliament and State legislatures to make laws for charging GST on every transaction of supply of goods and services.

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