Biz hails GST Bill's passage

Says it will trim tax-on-tax; hopes deadline would be met

Biz hails GST Bill's passage

 India Inc hailed the passage of Goods and Services Tax, Constitutional Amendment, (GST) Bill in the Lok Sabha and hoped for an early implementation of the most important indirect tax regime which is expected to add up to 2 per cent to the growth of Indian economy.

“A unified common national market which the GST will help establish will bring in long-term benefits to all  government, industry, traders as well as consumers,” Ficci Secretary General A Didar Singh said.

“In our view, this is the first step in making India a single market. In terms of providing incentives to industry, this is the most extensive and far-reaching reform in the tax domain, which would encourage industry to grow significantly,” according to CII Director General Chandrajit Banerjee. He said it would help reduce tax-on-tax and would be beneficial to the industry.

Assocham Secretary General D S Rawat said the Goods and Services Tax (GST) will lift the GDP by 1.5 per cent. Moreover, he said the passage of the bill will send a strong signal to global investors.

“The implementation of GST Bill would be a potential game changer for the Indian economy and would lead to double-digit growth trajectory in the future,” PHD Chamber President Alok B Shriram said.

Pratik Jain, partner (indirect tax) at KPMG India said the Lok Sabha passing the GST Bill is an indication that there is broad-based alignment on GST among major political parties. The reform of indirect taxation was initiated by the Kelkar Committee in 2003 following which the UPA government in 2006 proposed a GST. The Bill had initially been brought in 2011.

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