Apple will not be receiving any tax breaks and concessions under the indirect tax imposition of GST, reported PTI. This is due to the fact that the government is pushing its efforts for Make in India initiative, instead of importing goods and products.
“With the Goods and Services Tax (GST) in place, giving separate exemptions to anyone is not possible,” the source of the report said. GST was rolled out on July 1 and it implements a uniform four-tier structure on goods and services across the country. It also does away with exemptions, which Apple had sought for setting up its manufacturing plant in India.
The Cupertino based company had asked the government for a 15-year tax exemption on import of components and other equipments and to wave off the 30 percent local sourcing norms for setting up its own retail stores.
Other Popular Deals
- Top launches of the week: May 22, 20156 weird inventions that tried too hard
- Top launches of the week: June 5, 2015Top launches of the week: May 29, 2015
- Top launches of the week: June 12, 2015Top stories of the week: May 22, 2015
- Top stories of the week: May 29, 2015The Intel Compute Stick, in pictures
- Top stories of the week : June 12, 2015Top stories of the week: June 5, 2015
- In pictures: ETI Dynamic's Solar Electric Hybrid Vehicle17 upcoming movies of 2015 that have us excited
- 5 great gadget deals under Rs 10,000Top stories of the week: May 15, 2015
- Best tech you can buy on a budgetTop launches of the week: May 15, 2015