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Mission GST – Reforming the


               By Narayan Saraf, CFO - India Business at Cipla Ltd.

               The midnight of July 1, 2017 has now             generated its first GST compliant sales
               gained monumental significance in                invoice at IST 02:00 AM.
               India’s economic history, as the                 One fundamental feature of GST is that
               Government formally ushered in the               tax paid on purchases is available as
               Goods & Services Tax (GST) era, with a           Input Credit. The current multi-staged
               special session of the parliament.
                                                                tax structure had charges from the
               On a professional front, it was a                State and Central governments
               momentous occasion for Team Cipla as             separately, leading to cascading effect
               well, who have worked round-the-clock            of taxes. There were taxes at different
               for the past eight months to meet the            rates and at multiple points. The Centre
               GST deadline. The journey for GST-               had taxes like Service tax, central sales
               compliance began in October last year,           tax and excise duty while at the State
               and at the stroke of mid-night hour as           level it included VAT or sales tax, octroi,
               GST came into existence, Cipla was               state excise, entry tax etc. These taxes
               ready for the new taxation regime and            were not creditable against each other
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