Implementation of GST will stand as an exemplar of collaborative reform for the world on an unprecedented scale, says Shobana Kamineni, president, Confederation of Indian Industry.
With the introduction of the game-changing reform, we have emerged into a new era of economic reform, she observed.
To ensure a successful roll-out, the CII has undertaken to hold about 100 GST clinics across the country and host informative webinars for the benefit of industry.
The CII will continue its efforts to smoothen implementation and rationalisation in the coming months, Kamineni said.
She recalled that the Finance Minister and other members of the GST Council managed to bring together all stakeholders for implementing this transformational new policy.
The CII lauds their spirit of cooperation. Going forward, GST will contribute to ease of doing business and accelerate new business ventures.
FORMAL ECONOMY
“It imparts significant competitiveness to Indian industry, thereby boosting the inherent potential of the economy to raise incomes, add to the formal economy and incentivise exports.”
GST also helps expand the tax net. “Above all, it gives us tremendous confidence that the Centre will continue to facilitate investments and simplify the business environment,” the CII president said.
The CII and the Indian industry is committed to ensuring the success of GST for boosting India's growth and development.
POWERFUL INCENTIVE
GST is based on self-compliance with the input tax credit as a powerful incentive to businesses to step into the tax fold.
“Input tax credit will curb inflation by avoiding tax-on-tax. We believe that most businesses would pass on the benefits of input tax credit to consumers so that inflation would be curbed,” stated Kamineni.
Industry is prepared for the roll-out of the GST. Large numbers of government officials, tax experts, and the CII stand ready to support enterprises in its implementation.
Initial glitches are expected to be quickly sorted out, Kamineni said.
The CII has consistently supported GST through the years, working with Central and State Governments on its shape.