August 16, 2020

Pre Budget Expectation from Mr. Abhinaya Singh, Marketing Manager, Bingo Technologies India pvt. ltd.

Mr.Abhinaya Singh, Bingo TechnologiesExplanation on GST
“Being a leading IT accessories player in India, we expect more clarity on the Goods & Service Tax (GST) and especially which slab our product(s), while the industry anticipates mobile handsets & accessories to be placed under 12% GST slab, the industry recommends that the CGST credits shouldn’t be allowed for imported accessories. For the locally manufactured accessories, a CGST at 0% should be applicable with no input tax credits. Meanwhile, consumer durable products should fall under the 18% GST slab as consumer durables products no longer are a luxury but a need in day-to-day lives.”

Manufacturing Push with ‘Make in India’ initiative
“While the government has given a drive to manufacturing through the ‘Make in India’ scheme, there are several gaps that need to be filled, The industry has potential and can support government this ‘Make in India’ initiatives with highly technical products after paying attention. Incentives to create sufficient technical manpower will lay the foundation of a strong and robust manufacturing base in India. Further, a clearly laid out research and development policy is necessary to succeed in a highly technical industry like ours and will help bring component manufacturing base in India to save precious foreign exchanges.”

Improvement in Digital Infrastructure
“2016 has been really a transformative year for the country as there was a massive thrust from the government to encourage people to adopt digital services. Now as the step has taken, there must be actions in the budget to improve the digital infrastructure in the country so that the level of digital literacy is improved. Overall we expect that upcoming union budget will be a growth-oriented budget and introduce policies which will motivate us to do business easily and improve the digital infrastructure to enable growth of the industry”