Experts say implementation of GST would bring a paradigm shift in operation of businesses and tax laws in country
“Goods and Service Tax (GST) is a significant taxation reform in Indian Taxation system and would bring a paradigm shift in the operation of businesses and tax laws in our country. It would remove the cascading effect and save industry of double taxation. It is expected to also lower down the input costs of industry by at least 25-30 % which would make businesses more viable in India. The ease of doing business would also be enhanced since it would replace various multiple taxes applicable presently”, added CII HP Chairman.
“There has been lot of opposition by some States, and concessions will be granted to the States to cajole them into agreeing for the implementation of the GST regime. The proposed additional 1% levy, appears to be a compromise between the Centre and the States, and a possibility of further concessions being doled out to States cannot be ruled out”, further added Agagrwal.
“There is at present no preparation on the part of the industry. The main objective of today’s workshop was to sensitize industry members about the technical knowhow of GST and its implication on day to day business. It is one of the top priorities of CII to sensitize and make the industry aware about GST so that it can adopt it easily. There would be more and more such sessions to make the industry conscious about its intricacies”, said a CII Release.
Source: Business Standard