Business

NZ traders welcome India’s new GST regime

India is a tremendous area of potential growth for New Zealand trade, believes Glenn Coldham, Head of Customs in NZ for DHL Global Forwarding. “We are very encouraged by moves to bring forward an FTA between our two countries to reduce barriers to trade including duty.”

Glenn was speaking in Auckland at a workshop conducted by India New Zealand Business Council (INZBC), focusing on dealing with various logistical issues, while doing trade with India.

“At times we do experience inconsistencies with moving sea and air shipments out of India due to the complexities of documentation and associated approvals to allow cargo to move without delay.

“However, it is very pleasing to know India has started to reduce that complexity with the new GST introduction as part of those improvements.” Glenn expressed his positivity on the changes being introduced in the Indian market.

India is a very large and attractive destination for companies intending to expand their markets internationally and businesses have the option to enter the Indian market either with or without direct investment, says TMF Group’s Company Secretary, Siddhartha Sharma.

“There are a number of very flexible structures that can be used, such as, branch office or representative office right through to incorporating a private or public company and this will depend on the business’s operations and vision.

“Recent Government moves to put more of the compliance processes online and provide a fast track route to incorporation have lessened historical complexities but it is crucial to have the right service provider to assist you with your Indian set up and operations.”

However he reiterated that the documentation requirements are still substantial, rigid and complex.

With the implementation of the new GST regime in India, the country can now boast of One Country, One Tax, says the newly appointed Honorary Consul of India in Auckland, Bhav Dhillon.

“There is still differentiation in product categories. With the onset of the digital economy and progress in e-registration of companies, now it’s becoming even easier for companies to do business with India. This was reflected in the fact that India has leaped 30 spots to the number 100 spot, in the World Bank’s latest global ranking on Ease of Doing Business,” said Bhav.

INZBC board member, Sameer Handa informed that India Unplugged as a series is aimed to help and educate the market on doing trade with India.

 

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