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Industry chambers have given a thumbs up to the Goods and Service Tax (GST), with most saying the new indirect tax regime is likely to have a positive impact on the country’s economic outlook.
Applauding the move by the BJP-led government, Chandrajit Banerjee, Director General, Confederation of Indian Industry (CII) said: “The medium-term impact of GST on macroeconomic indicators is expected to be extremely positive.”
“Inflation will be reduced as cascading of taxes will be eliminated. Tax revenues will go up, keeping fiscal deficit under control,” Banerjee noted.
Besides, he envisioned exports to become more competitive in global markets and the foreign direct investment to surge.
Industry chamber Assocham said: “Retail prices, growing by the slowest pace in the last four years — by mere 2.18 per cent — provide an ideal platform for the implementation of GST.”
DS Rawat, Secretary General, Assocham, said: “With monsoon showing a good spell in its initial phase, the lower weighted average of net tax incidence post-GST eases the price for a large number of items.”
Welcoming the GST, Gopal Jiwarajka, President, PHD Chamber, said it was looking forward to rationalisation of the taxes on white goods and other consumer goods under the ambit of 28 per cent.
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