GST and the Road Ahead

image GstTermed as historic, the passage of Goods and Services Tax or GST Constitution Amendment Bill in Rajya Sabha will not only unite the country with one taxation rate but also empower states and increase their revenues. Although it is not very clear at this stage what will be the GST rate, there were requests to cap it at 18%. The Constitution (122nd) Amendment Bill, 2014 for Goods and Services Tax got passed with an absolute majority in the Rajya Sabha after the Union government dropped the contentious 1% additional inter-state tax and also agreed to pay full compensation to the states for five years towards revenue loss if any. After a seven-hour debate, the legislation was approved in the House with 203 votes in favour and none against. With the GST passing the Upper House test, the NDA government’s hope to implement the same from April 1, 2017, may become a reality. However, the document needs ratification from atleast 16 out of the 31 states (including Pondicherry and Delhi) for it to go forward. At this stage, it is important to understand what is GST and what it is expected to do.

What is GST?

GST is envisaged to be a single umbrella tax that will replace multiple state and central levies. It is a tax on each and every economic activity, namely `supply of goods’ and `supply of services’, undertaken in the distribution chain. Aimed at simplifying the tax regime, GST will thus subsume all the indirect taxes like excise duty, service tax, Countervailing or Additional Customs Duty, Special Additional Duty of Customs, etc levied by the Centre and State.

Theoretically, GST is a value added tax levied on the intrinsic value of goods and services, designed to give credit input stage taxes to the entire distribution chain. As a consequence, the ultimate consumer bears the entire tax burden. When implemented, the single unified value-added tax system will help India transition into the world’s biggest single market. To put it simplistically, GST will make India one large marketplace where goods and services can seamlessly flow from one state to another by paying only one tax.

At present, the cost of doing business in our country is high because companies cannot avail of credits for taxes paid at the sources nor can they accumulate credits. Shifting to a GST regime would mean pass-through of all credits wherein the incidence of the tax is shifted to the final consumer without any cascading effect.

Since India has a federal structure of governance, there will be two components of GST – Central GST (CGST) and State GST (SGST). As such, both the Centre and the States will simultaneously levy GST across the value chain on every supply of goods and services. While Central Goods and Services Tax (CGST) will be levied and collected by the Centre, SGST will be collected by the State on all transactions within. The input tax credit of CGST will then be available for discharging the CGST liability on the output at each stage. Likewise, the credit of SGST paid on inputs will be allowed for paying the SGST on output. However, no cross utilization of credit would be permitted.

It is evident from the definition that specific cost-benefit analyses for input and output taxes have to be calculated for each industry. The overall impact of a simplified tax regime will lead to lower compliance costs for industry. Inevitably, the ease of doing business parameter will be favoring businesses. Analysts say GST could boost India’s annual India’s gross domestic product (GDP) growth by one to two percentage points.

Finance Minister Arun Jaitley has said the new national sales tax would bring down manufacturing taxes and VAT, but the same for service tax will be decided by States and Centre. While hailing the biggest tax reform since Independence, industry body FICCI said the most significant advantage for consumers would be a massive reduction in the overall tax burden on goods, which is estimated at 25-30%. GST would make products competitive in both domestic and international markets, FICCI added.

Confusion over Securities

Actually, the release of Model GST Law on June 14, 2016, had pushed India within the striking distance of the much-awaited tax-reform. It also conveyed the Union government’s intention of seeing it through. However, the model law also fueled speculations among brokers, mutual funds and retail investors that transactions in the capital market may invite levy of additional tax. The way it is worded, securities do appear to fall under the ambit of model law. The draft law had clubbed securities with goods, which is the genesis of this speculation.

So far securities have been deemed as investments and all state VAT legislations currently exclude it from the ‘goods’ bucket. Hence, its sale and purchase have never attracted any service tax or VAT. Interestingly, the current service tax categorizes securities under `goods’ simply to exclude it from the `service’ bucket since trading in goods does not attract service tax.

Since securities cannot fit in the `service’ compartment, it must come under `goods.’ According to the Finance Ministry website, the definition of goods includes every kind of movable property other than actionable claim and money. It includes securities and growing crops as well as grass and things attached to or forming part of the land that are agreed to be severed before supply or under the contract of supply.

However, there already exists a levy of 0.1% securities transaction tax (STT) on delivery-based trades and 0.025% STT on the intraday transaction. As mentioned earlier, securities are investments, while GST is a destination-based consumption tax. If the government indeed imposes value added tax on investments, the very purpose of switching to a reformed tax regime will be questioned.

Furthermore, there are charges such as Krishi Kalyan Cess, Swacch Bharat Cess, Sebi turnover charges, stamp duty, etc, which are levied on the transaction of every share. Although it is highly unlikely that the government would want to add another tax over and above the existing ones, some industry experts are of the opinion that services such as brokerages and commissions along with bank charges may fall under the purview of GST. The argument for this case is that brokerage, bank charges, etc are services accompanying securities’ transactions and are in service tax net.

In a note decoding the draft GST, international consultant PricewaterhouseCoopers (PwC) says: “Presently, the definition of the term, ‘service’ specifically excludes actionable claim, whereas under the Model GST Law, the term, ‘service’ specifically includes actionable claim. The Banking and Other Financial Services (BOFS) sector is facing significant NPA challenges, and securitization is critical to address the NPA issue. It seems that by including the actionable claim, transactions such as securitization could be subjected to GST. However, it is possible that the securitization could get covered in the negative list.”

Meanwhile, experts following the draft GST say there is a big possibility of it finding a spot in the exemption list since higher taxes could be an added deterrent.

The dual nature of GST

Proper functioning of all the aspects of CGST and SGST are crucial for the success of GST. It is a very complicated procedure and needs explanation. For all inter-State supplies of goods and services, the Centre would levy and collect taxes through a new mechanism called the Integrated Goods and Services Tax (IGST). CGST and SGST together are equal to IGST. Since GST is actually a destination-based tax, all SGST on the final product will rest on the consuming State. To put it simply, the inter-State seller will have to adjust IGST, CGST, and SGST credits on purchases before paying IGST on the sale of goods to the Centre. The exporting State will transfer SGST credit to the Centre, and the importer can claim the credit of IGST after bearing tax liability in the home State. The Centre will, of course, transfer IGST credits to the importing State for payment of SGST.

Sectors that will benefit from one-nation-one tax regime

Indian industry has been rooting for GST for a very long time in a bid to take advantage of economies of scale. Most analysts examining the new tax suggest a mixed impact of GST in the short-term, but they assert that gains will be immense in the long term. This key constitutional amendment will benefit sectors like Automobile, FMCG, e-commerce, telecom, media and cement. However, GST will make aviation and insurance more expensive.

image gst 1Automotive companies may see a demand surge if vehicle prices decline 8-10% because of the GST, according to a report released by Motilal Oswal.

FMCG is also considered a clear winner under the new tax regime as GST will remove multiple sales depots. This will result in enhanced savings in logistics and distribution costs and also see gains from warehouse rationalization. Currently, FMCG companies pay a huge chunk in indirect taxes, which will get significantly reduced.

E-commerce, similarly, will become cost-effective post GST since goods can move freely between states. With the elimination of cascading impact, cost at the final destination will be much lower.

Telecom manufacturers will focus on consolidating their warehouses resulting in cost benefits. They may also choose to pass on the benefits to customers. Specifically, handsets are likely to get cheaper under GST.

Media, such as multiplex operators and DTH providers will see happy days ahead. Multiplex companies currently shell out close to 25% of the ARPU (average revenue per user) in taxes. GST is expected to reduce entertainment cost, VAT on F&B and service tax on input costs.

Cement manufacturers are likely to shell out much lower than the current 25% effective tax once GST is implemented. Transportation charges, which make up over 20% of cement companies’ revenues, will fall sharply under GST. Analysts say the benefits are likely to get passed on to the consumers.

However, when the new law comes into effect, one will have to pay more for certain goods and services. Eating out, phone bills, flying, insurance, jewellery, etc are likely to become more expensive than they are now.

Implementation Challenges

After the Rajya Sabha had passed the GST Bill with amendments on August 3, 2016, it was again taken up by the Lok Sabha to approve the changes made in it by the Upper House. After a six-hour debate on August 8, 2016, the Lower House passed the Bill as amended by the Rajya Sabha, with all the 443 members present voting in favour after the AIADMK members opposed the measure and staged a walkout. Now, the bill will have to be ratified by at least 16 of the 31 State Assemblies. So it will now head towards the State legislatures, where it will face the next acid test. If a minimum of 16 State Assemblies of the 31 states ratify the constitution amendment, then the Bill will get the presidential assent and become law.

A key challenging element in the GST Bill is the fixing of the Revenue Neutral Rate (RNR). The rate at which the government will undergo zero revenue loss is called RNR. A National Institute of Public Finance and Policy (NIPFP) study has worked out an RNR of 27%, but the Economic Advisor Panel has advised a much lower RNR of 15% or 15.5%.

On the logistics front, IT infrastructure will have to be upgraded massively because the success of GST implementation lies in strong technology. A common GST technology platform would mean all states get to upgrade their systems. This will mean that taxpayers can access a standard interface wherein they can register, file their returns and pay taxes. Although, the States have revamped their IT systems for VAT computation, a lot more sophistication is required in the case of GST. Moreover, the States are technologically modern in varying degrees. For instance, Maharashtra tax filing system is much faster than those seen in the North Eastern states. A central portal called GSTN was created to carry out this exercise of guiding States towards a GST technology.

GST will pose a significant challenge to small traders who are not dependent on computers to run their businesses. After the GST comes into force, small traders and shopkeepers will have to maintain a computerized account of all transactions. This complexity had prevented the Value-Added Tax (VAT) from being implemented in the small-scale sector. Many experts also fear that GST will push up inflation.

The Road Ahead

The most crucial point for GST implementation is meeting the deadline of April 1, 2017.  Analysts and industry observers think the set date is too ambitious. Let us explore some of the important facets below.

  1. The industries and businesses are looking forward to a GST rate of 18%. But the government is not ready to commit a number. If GST rates are finalized higher, say 20%, the States are likely to cry foul over revenue losses. The matter will be debated at the GST Council. The rate will also depend on the list of exempted items and demerit commodities, which is yet to be finalized. However, Finance Minister Arun Jaitley has assured that the rate will be reasonably lower for the manufacturing sector.
  2. For the bill to become law, States will have to agree to the proposals enlisted in the Bill. Although a consensus has emerged between the two parties (the Centre and the States) to raise the revenue threshold under the new tax law to Rs 25 lakh, we will have to wait for the eventual decision.
  3. Mindset change will play a prominent role going ahead with GST. Not only is the government required to embark on a humongous staff training exercise at the Central and State level, but also adopt a strategy to include the industry and trade of all sizes in the new tax net. Here it needs to be recalled that the government has always found it impossible to levy value added tax on small and medium industry.
  4. The current proposal under GST exhibits a sharp spike in tax rates for the Services sector. But the government cannot allow a high level of taxation on such an important sector and is likely to look for ways to ease it out while finalizing the rate structure. The input tax credit on goods against services is one such way to give relief. Revenue Secretary Hasmukh Adhia has said the Union government would fit in services in a slab, which is neither very high nor very low.
  5. A full-fledged GST implementation will see the end of manual filing of returns. The entire process will be handled electronically without involving any paperwork at any stage. Most returns would be self-assessed, and all mismatched returns would be auto-generated. There would be no reason for manual interventions. Further, we will have a single-point interface for challan generation – GSTN 12. GST will ensure ease of payment, which can be made through online banking, through Credit Card/Debit Card or NEFT/RTGS or via cheque/cash at the bank. One can look forward to a common challan form with auto-population features, a common set of authorized banks and standard accounting codes.
  6. There is a strong plea to bring CGST and IGST bills as finance bills, but the government is reluctant to make a promise.
  7. At the current stage, it is not entirely clear how will cross empowerment of the two parties work. There are talks to impose a threshold limit of Rs 25 crore and do away with dual control.  Only in due course of time, we will know if the states are willing to accept such a proposal.
  8. In future, we may also see the rationalization of various tax departments. The Central Board of Excise and Customs (CBEC) looks after custom, excise and service tax department. Thus, the CBEC will need to be revamped once the GST is legislated.
  9. There is a possibility that the government may keep some of the cesses and surcharges out of the purview of GST for the purpose of financing chosen initiatives. It may also be possible that all kinds of surcharges get subsumed under GST. Whatever be the case, it will be recommended by the GST Council.
  10. 10.  Compensation aspect of GST is what thawed the earlier bottleneck. The States had rejected the Standing Committee recommendation of a staggered payout plan for five years and won the argument for full compensation. In the days to come, the Centre will have to work out a methodology to calculate this compensation.

Conclusion

Since the passing of the Bill in Rajya Sabha, there has been an endless debate regarding the implementation of the GST. Here, it is important to note that many states offer tax benefits to bring in manufacturing units. It is not yet clear as to what will happen to such incentives in the GST era. Similarly, one is not sure if special economic zone will continue to be relevant once GST is implemented.

As India is due to adopt dual GST model, it will have Central GST (CGST) and State GST (SGST) components. However, it will have to be seen what provisions the new legislation contains to account and utilize credits across locations.

Furthermore, to make GST effective, the government will have to train both the Central and the State tax administration staff as the process is radically different from the ones they are currently used to. The staff would have to unlearn before they start to understand the concept, the law as well as the method involved.

124 thoughts on “GST and the Road Ahead

  1. Gomesh dsuza

    India is not the only country but one of hundreds which has implemented GST in their taxation. Hence lets not assume that this will be a pure success or failure lets hope for the best in future.

    Reply
  2. Madhan singh

    A few state assemblies have passed GST so covering 15 states should no longer be a problem. The issue is how would such extensive tax system be integrated in Indian economy.

    Reply
  3. Rahul Apte

    Commerce will increase and become more transparent and cost efficient for manufacturers. Since cascading of taxes will be now a thing of past consumers will also pay less. All in all, a welcome step.

    Reply
  4. Vinay Jalan

    This is a good post but certain questions emerge here of which the gist is the following: This is also in my article on GST:The 101th Constitutional Amendment bill passed by both the houses of Parliament has paved way to the long awaited financial change which the country intends to bring here.

    By the sources, it is measured that as on day, only 30 percent trade in India is declared trade and this yields in utilization of black money as well letting the black money float into the general stream of the country. This makes the progress of the country slow and also reduces the value of the currency and causes inflation too. With this, the free trade is curbed and a business keeps dual and triple accounting leading to rampant tax evasion as well as it restricts trade.

    To ensure free trade, the concept of GST came up. This could only be possible by this Constitutional Amendment. Thanks to all the Political Parties, which, to the interest of nation, has adopted the changes brought in the Constitution of India by 101st Constitutional Amendment Bill passed by Both the Houses of Parliament? Out of 15 states required to pass the bill, till yesterday, 7 states have passed this bill. This paves way for this change.

    Hon’ble Finance Minister, Mr. Arun Jaitley, in his speech stated that the aim of the amendment is to enforce the principles of GST from April 2017. The Amendment was subsequently ratified by Lok Sabha, unanimously and has already been consented to by 7 States i.e. Assam, Bihar, Jharkhand, Himachal Pradesh, Chattishgarh, Gujarat, Madhya Pradesh.

    It is however, important to note that the Bill itself is a facilitator and lays down the constitutional framework and more importantly the constitutional limits which the lawmakers of both the States and Union have to adhere to in order to make GST a reality.

    Powers of state to levy taxes rests in the amended state list, which empowers the state to levy taxes on Liquors, taxes on Diesel,

    The state laws shall be confined to this only. The most significant move on this is the Contitution of GST Counsel under article 279A. This shall recommend the subjugation of certain taxes into GST. It shall recommend as to what goods and service shall be exempt and thereafter frame GST Laws accordingly. This shall ensure the draft GST Bill to emerge. The rules shall follow thereafter.

    The Government with this intention, means to minimize litigation with the ensured growth not only in the economy but it intends simplification of the application of laws also thereupon.

    I have been constantly looking into the articles and discussions in the net as well in the seminars which are being held in this respect. Many of this talk over presumptions which came out of the model GST bill proposed to be put in parliament when this Constitutional amendment was not passed. In the conventions or seminars, why not we project the simplification in administration of law coming for this. Question is for the classification of Goods to be harmonized. Question is the collection. Question is the administration of Data and sharing the same with both the limbs of revenue. Question is the simplification of process. Question is to make the compliance easier and not cumbersome.

    Second note shall be a proposal as to how to harmonize the structure for the object to be achieved. Let us all be a party to the largest economic change in the county.

    Reply
  5. Bharun Rathore

    Let us now not think of what happened in the past. India will have a new indirect taxation landscape from FY 2017 and all stakeholders must prepare so that no loopholes are left.

    Reply
  6. Kiran dev

    I donot think that just goods and service tax will be of any good unless tax officials and tax infrastructure is improved. Tax officials need training and new recruitment should also be done by CBEC.

    Reply
  7. Bob PriceI

    might prefer to see a General Transaction Levy. This would fit nicely with the proposal that our current metrics derived from Gross Domestic Product (GDP) be augmented by a broader system of metrics derived from Gross Domestic Transaction (GDT).

    Reply
  8. Rashmi Gowda

    One thing is definite, that Indias GDP will enhance after GST roll out. Lesser permits, duties and free movement will transfer goods from one place to another very easily so transaction value will increase.

    Reply
  9. Jurgen Poesche

    Although the GST looks good in a simplistic economic model, it certainly doesn’t cure India’s economic challenges. A GST was introduced in Canada in the early 1990ies, and the Canadian economy is not a stellar performer in global comparison. India needs to harness its diversity as a source of strength. This, I think, is the major challenge.

    Reply
  10. Gurdeep SINGHANIA

    Similar changes should be done in direct taxes as well where more and more citizens should be covered and brought under the net. Indias riches are thriving on Indias poor.

    Reply
  11. Karthik Reddy

    GST will surely be one among the brilliant implementations by GOI and will have a huge positive impact in the ‘Indian Logistics’. This not only provides a substantial benefits to the Indian government and public, but also reduces huge amount of logistic costs, briberies by RTO’s to almost all the OEM’S, forwarders and small scale manufacturers

    Reply
  12. Arun Pillai

    Indeed a transformational decision..while India welcomes this with caution amid some known challenges..it’s definitely right move in the direction of “ease of doing business”

    Reply
  13. Lalit singh

    Federalism and cooperation will see a new dawn after this tax. States will come on par on many scales. Businesses will start at all places, not where taxes were less or where bribery was prevalent.

    Reply
  14. Paresh Koli

    There are many more sectors apart from FMCG, transportation and others that you have mentioned. In services we will have to wait and see the final rate which I believe should not be more than 15%.

    Reply
  15. Abhay Kushwah

    This is clearly a win for BJP and Modi. He played a key role in bringing other parties to table. People should not compare him with Atal Ji, both are different and have different approach and abilities.

    Reply
  16. Raj sethi

    Fantastic put up, very informative. I wonder why the opposite experts of this sector do not understand this. You must continue your writing. I am confident, you have a huge readers base already.

    Reply
  17. Pankaj Sibal

    The Irony of Indian Politics is that in-spite of passing improvised GST bill in both the houses, only handful of states have passed the same in their constitution, although the same should have done in no time on war footing way, but not at all.!!!

    Reply
  18. Pankaj bansal

    Very soon this web page will be famous among all blogging and site-building users, due to it is pleasant articles

    Reply
  19. Muthu Kumar Esakki Muthu

    GST will against the freedom of States. It promoting federalism that against the Constitution. The Hindi belt will only enjoy the benefits of GST. Rest of the state will loose their Income.

    Reply
  20. Ram V

    Quality articles or reviews is the key to attract the users to go to see the web site, that is what this web page is providing.

    Reply
  21. Narayanan Srinath

    Thanks for that, the site looks fantastic and I am sure will be a great service to both locals and visitors.

    Reply
  22. Rahul Paliwal

    I quite like reading an article that can make men and women think. Also, thank you for permitting me to comment.

    Reply
  23. Rohan Kulkarni

    After looking into a handful of the blog articles on your website, I seriously like your technique of writing a blog. I added it to my bookmark site list and will be checking back in the near future.

    Reply
  24. Nitesh bora

    You definitely realize how to bring an issue to light and make it important. More people should read this and understand this side of your story.

    Reply
  25. Satish kumar

    Great web site you have got here.. it is difficult to find high-quality writing like yours nowadays. I truly appreciate people like you. Take care..

    Reply
  26. Lokesh Poovaragan

    Hi there to all, how is the whole thing, I think every one is getting more from this web site, and your views are pleasant designed for new users.

    Reply
  27. HARISH CHHABRA

    I wanted to thank you for this fantastic read.. I absolutely enjoyed every bit of it. I have got you book marked to check out new stuff you post

    Reply
  28. Vinay Vasan badri

    Very great post. I simply stumbled upon your weblog and wanted to say that I have really loved browsing your weblog posts. In any case I will be subscribing on your rss feed and I hope you write once more very soon.

    Reply
  29. Pulkit Apte

    This is really interesting, You are a very skilled blogger. I have joined your rss feed and look forward to seeking more of your great post. Also, I have shared your web site in my social networks.

    Reply
  30. Ulhas Mandrawadkar

    I am often to blogging and i really appreciate your content. The article has actually peaks my interest. I am going to bookmark your web site and keep checking for brand new information.

    Reply
  31. Peeyush Kumar Pathak

    The site looks absolutely fantastic. Well done to all involved. Very professional & the navigation is great too. Cheers.

    Reply
  32. Gyan Trivedi

    Absolutely wonderful, well done everyone, what a great achievement. Here is to the future and success for everyone. Thank you all for your hard work, we know it will be ongoing and trust that you will get the appreciation and credit of putting such brilliant articles on the worldwide web. Looking forward to seeing it grow.

    Reply
  33. Abhineet Menon

    I read this article completely about the comparison of most up-to-date and preceding technologies, it is remarkable article.

    Reply
  34. Chandresh Patil

    I just had to drop you a line to let you know that John and I think that the website is BRILLIANT……………………… Well done.

    Reply
  35. Prabir Barooah

    Hello, I am so happy I found your weblog. I am really appreciating the commitment you put into your site and in depth information you offer. This has been so particularly generous with people like you to supply openly all that most of us would have offered for sale for an e book in order to make some dough on their own, even more so seeing that you could possibly have tried it if you ever decided.

    Reply
  36. Amardeep thakuria

    Way cool. Some extremely valid points. I appreciate you writing this post plus the rest of the website is really good.

    Reply
  37. Vardhan Shrivastava

    You are very intelligent. You already know the significance in the case of this matter. You post consider numerous angles of information. Your own stuff is excellent.

    Reply
  38. Suresh Sundrani

    Now it is time to write about operative part of GST.How it will work, Inpu Tax credit, returns , precautions in handling of GST etc.with proper examples of Tax calculations etc.

    Reply
  39. Aditya Kashyap

    Hi there, yeah this post is genuinely nice and I have learned lot of things from it on the topic of blogging. thanks.

    Reply
  40. Nitesh patare

    I wonder how come you get to know that this is the exact information that I have been looking for. Thanks a ton man.

    Reply
  41. Samriddha Banik

    Thanks for the marvelous posting. I genuinely enjoyed reading it, you are a great author. I will always bookmark your blog and will come back very soon. I want to encourage that you continue your great work,have a nice day.

    Reply
  42. Nikhil Chowdary

    What I have seen so far is brilliant and everyone involved should be congratulated. I can see me spending the rest of the evening perusing the site. Just when I thought I would like an early night.

    Reply
  43. UTKARSH Apte

    Hi, all the time i used to check weblog posts here in the early hours in the break of day, because i enjoy to learn more and more.

    Reply
  44. Karan Chhibber

    Excellent weblog right here. Also your site loads up very fast. I want my website loaded up as quickly as yours lol

    Reply
  45. Saurabh Sabharwal

    Thank you, I have just been looking for info about this subject for ages and yours is the best I have found out till now.

    Reply
  46. ms jalodiya jageer bhartiya

    Congratulations Dr Gupta in the setting up of your attractive, informative and very professional website. Well done.

    Reply
  47. Dinesh Gandhi

    I recently had a good fortune of reading your article it is really well written with updated information. I will be returning here often now.

    Reply
  48. Rajiv Khurana

    Hello th?r?. I could have sworn I have been to your blog befo?e but after browsing through a few of the posts I realized it i? ne? to me. Regardless, I am certainly ha?py I ?tumbled upon it an? I will be book-marking it and checking back r?gularly.

    Reply
  49. Rahul Sangakara

    Hi there. I simply would like to give you a big thumbs up for your great information you have got right here on this post. I will be returning to your website for more soon.

    Reply
  50. Rajnesh Joshi

    Keeping fingers crossed on what %age will be fixed . Anything beyond 10% which is resonable, will affect common man . Because it will also be broadening the tax base

    Reply
  51. Sanket shrama

    Just wanted to say how much we appreciate the tremendous amount of hard work and effort you all put in to producing this website. It is a great credit to everyone and I am sure will be a great success.

    Reply
  52. swathy sekhar

    Great task on this publish. I enjoy the way you displayed your info as well as the way a person achieved it significant and also obvious to be aware of. Thanks a great deal.

    Reply
  53. Sagar GUPTA

    Can I just say what a relief to discover someone that actually understands what they are talking about over the internet. You definitely understand how to bring a problem to light and make it important. More and more people really need to read this and understand this side of the story. I was surprised that you aren’t more popular since you most certainly possess the gift.

    Reply
  54. Vasundhara Apte

    Hello, its my first time to commenting any post. But I could not stop myself from commenting on reading through such a sensible piece of writing.

    Reply
  55. Rakesh Varanasi

    I was extremely pleased to find this web site. I need to to thank you for ones time due to this wonderful read.. I definitely really liked every little bit of it and I have you bookmarked to look at new information on your website.

    Reply
  56. Tejaswy Nandury

    You ought to take part in a contest for one of the most useful blogs online. I am going to highly recommend this blog.

    Reply
  57. Mdhumran shaikh

    I am very happy to find this web site. I wanted to thank you for your time due to this fantastic read. I definitely liked every little bit of it and i also have you saved to fav to see new information in your site.

    Reply

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>