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<p>The price of goods produced in India has gone down after the implementation of the new taxation system since July 1. Nepali businessmen argue that this is the main reason why import of Indian goods will increase in Nepal.</p>
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<p>Federation of Nepalese Chamber of Commerce and Industries (FNCCI)’s fair committee chairman Dil Sundar Shrestha says that the effects of GST is likely to be seen even in import of goods from third countries. Under the GST, the goods coming from third countries to Nepal via Indian sea ports are subject to double taxation – sea port charge and service charge. This would result in high price of the goods when they reach the Nepali market.</p>
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<p>The price of goods produced in India has gone down after the implementation of the new taxation system since July 1. Nepali businessmen argue that this is the main reason why import of Indian goods will increase in Nepal.</p>
<p>GST has encouraged domestic production in India, says general secretary of Nepal Chamber of Commerce, Kamlesh Kumar Agrawal. “Taxes on goods are declining in India,” he said. Agrawal believes that the overvaluation and undervaluation of goods will be replaced by uniformity in price in the new taxation system in India. According to Agrawal, majority of goods coming from India will become cheaper and this will result in significant rise in import.</p>
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July 12: The import of goods from India is projected to rise after the implementation of goods and service tax (GST) in India, according to an estimate of Nepali entrepreneurs. Nepal is heavily dependent on India in import as the country brings in goods ranging from raw materials to ready-made goods from the southern neighbour and around 70 percent of Nepal’s trade transaction takes place with India alone.
The price of goods produced in India has gone down after the implementation of the new taxation system since July 1. Nepali businessmen argue that this is the main reason why import of Indian goods will increase in Nepal.
GST has encouraged domestic production in India, says general secretary of Nepal Chamber of Commerce, Kamlesh Kumar Agrawal. “Taxes on goods are declining in India,” he said. Agrawal believes that the overvaluation and undervaluation of goods will be replaced by uniformity in price in the new taxation system in India. According to Agrawal, majority of goods coming from India will become cheaper and this will result in significant rise in import.
Federation of Nepalese Chamber of Commerce and Industries (FNCCI)’s fair committee chairman Dil Sundar Shrestha says that the effects of GST is likely to be seen even in import of goods from third countries. Under the GST, the goods coming from third countries to Nepal via Indian sea ports are subject to double taxation – sea port charge and service charge. This would result in high price of the goods when they reach the Nepali market.
According to Shrestha, agricultural products exported from Nepal to India will have value added tax. Therefore, the same products produced in India will be cheaper.
“If the government establishes industrial areas and gives VAT and customs exemption for raw material imported from India, then we can compete with the India market,” said Shrestha.
FNCCI Vice President (commodity) Umesh Lal Pradhan, on the other hand, says that the new taxation system in India will not affect Nepal much.
“India used to impose tax at different levels in the past too. The percentage of tax in the new system is almost the same as before. So it won’t have much negative effect in Nepal,” says Pradhan.
However, Pradhan said that the confusion related to GST has not yet been over. He further said that a delegation is going to India to clear the confusion.
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<p>The price of goods produced in India has gone down after the implementation of the new taxation system since July 1. Nepali businessmen argue that this is the main reason why import of Indian goods will increase in Nepal.</p>
<p>GST has encouraged domestic production in India, says general secretary of Nepal Chamber of Commerce, Kamlesh Kumar Agrawal. “Taxes on goods are declining in India,” he said. Agrawal believes that the overvaluation and undervaluation of goods will be replaced by uniformity in price in the new taxation system in India. According to Agrawal, majority of goods coming from India will become cheaper and this will result in significant rise in import.</p>
<p>Federation of Nepalese Chamber of Commerce and Industries (FNCCI)’s fair committee chairman Dil Sundar Shrestha says that the effects of GST is likely to be seen even in import of goods from third countries. Under the GST, the goods coming from third countries to Nepal via Indian sea ports are subject to double taxation – sea port charge and service charge. This would result in high price of the goods when they reach the Nepali market.</p>
<p>According to Shrestha, agricultural products exported from Nepal to India will have value added tax. Therefore, the same products produced in India will be cheaper.</p>
<p>“If the government establishes industrial areas and gives VAT and customs exemption for raw material imported from India, then we can compete with the India market,” said Shrestha.</p>
<p>FNCCI Vice President (commodity) Umesh Lal Pradhan, on the other hand, says that the new taxation system in India will not affect Nepal much.</p>
<p>“India used to impose tax at different levels in the past too. The percentage of tax in the new system is almost the same as before. So it won’t have much negative effect in Nepal,” says Pradhan.</p>
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<p>The price of goods produced in India has gone down after the implementation of the new taxation system since July 1. Nepali businessmen argue that this is the main reason why import of Indian goods will increase in Nepal.</p>
<p>GST has encouraged domestic production in India, says general secretary of Nepal Chamber of Commerce, Kamlesh Kumar Agrawal. “Taxes on goods are declining in India,” he said. Agrawal believes that the overvaluation and undervaluation of goods will be replaced by uniformity in price in the new taxation system in India. According to Agrawal, majority of goods coming from India will become cheaper and this will result in significant rise in import.</p>
<p>Federation of Nepalese Chamber of Commerce and Industries (FNCCI)’s fair committee chairman Dil Sundar Shrestha says that the effects of GST is likely to be seen even in import of goods from third countries. Under the GST, the goods coming from third countries to Nepal via Indian sea ports are subject to double taxation – sea port charge and service charge. This would result in high price of the goods when they reach the Nepali market.</p>
<p>According to Shrestha, agricultural products exported from Nepal to India will have value added tax. Therefore, the same products produced in India will be cheaper.</p>
<p>“If the government establishes industrial areas and gives VAT and customs exemption for raw material imported from India, then we can compete with the India market,” said Shrestha.</p>
<p>FNCCI Vice President (commodity) Umesh Lal Pradhan, on the other hand, says that the new taxation system in India will not affect Nepal much.</p>
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<p>The price of goods produced in India has gone down after the implementation of the new taxation system since July 1. Nepali businessmen argue that this is the main reason why import of Indian goods will increase in Nepal.</p>
<p>GST has encouraged domestic production in India, says general secretary of Nepal Chamber of Commerce, Kamlesh Kumar Agrawal. “Taxes on goods are declining in India,” he said. Agrawal believes that the overvaluation and undervaluation of goods will be replaced by uniformity in price in the new taxation system in India. According to Agrawal, majority of goods coming from India will become cheaper and this will result in significant rise in import.</p>
<p>Federation of Nepalese Chamber of Commerce and Industries (FNCCI)’s fair committee chairman Dil Sundar Shrestha says that the effects of GST is likely to be seen even in import of goods from third countries. Under the GST, the goods coming from third countries to Nepal via Indian sea ports are subject to double taxation – sea port charge and service charge. This would result in high price of the goods when they reach the Nepali market.</p>
<p>According to Shrestha, agricultural products exported from Nepal to India will have value added tax. Therefore, the same products produced in India will be cheaper.</p>
<p>“If the government establishes industrial areas and gives VAT and customs exemption for raw material imported from India, then we can compete with the India market,” said Shrestha.</p>
<p>FNCCI Vice President (commodity) Umesh Lal Pradhan, on the other hand, says that the new taxation system in India will not affect Nepal much.</p>
<p>“India used to impose tax at different levels in the past too. The percentage of tax in the new system is almost the same as before. So it won’t have much negative effect in Nepal,” says Pradhan.</p>
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