MUMBAI, India – August 4, 2016 – “Total tax on software is 15% service tax and 5.5% vat totaling about 21.24% on base rate. This will come down to 18% GST. Software is taxed twice as service tax and VAT. Now it will be single tax. We feel that GST will simplify compliance and will free up resources to concentrate on business expansion. Though, implementation will be done only after things are in place, companies need to start planning for future.”
About TAIT
Trade Association of Information Technology (TAIT) was formed in March 1996 to represent the interests of the IT vendor community, especially the ecosystem of Distributors, Sub-distributors, Resellers, System Integrators and Service Providers. TAIT has over 300 members representing the complete spectrum of IT organizations. The association was formed to uphold the larger interests of the IT trade, which represents 70% of Mumbai’s IT industry. It is a forum where the challenges of Mumbai’s domestic IT industry business are heard and understood. TAIT is a pro-active, leading IT association of India. For more information please visit www.tait.in.