- India is on the threshold of making history: Arvind Subramanian, Chief Economic Advisor, Ministry of Finance.
- GST will be a game changer for the country as it is pro-people, pro-industry and pro-economy reform: Sunil Kanoria, ASSOCHAM.
The demand for passage of GST (Goods and services tax) in the Winter Session of the Parliament has been growing stronger as the Centre and Opposition try to reach a consensus on the sticking points. To ratify industry support regarding the same, Arun Jaitley met experts and heads of FICCI, CII and ASSOCHAM recently and stated that GST may be passed in the coming year.
In the address, Jaitley also expressed optimism that in the coming year if GST is implemented along with the proposed rationalisation of direct taxes, emphasis on infrastructure expenditure continues, increased spending on irrigation with expectations of a near-normal monsoon in the next season, and revival of the global economy, there was no reason why the GDP rate will not rise by 1-1.5 per cent in FY 2016-17.
Here's what the industry experts had to say about GST:
- Dr. Arvind Subramanian, Chief Economic Advisor, Ministry of Finance, said that India was on the threshold of making history. According to him, the self-policing nature of the GST regime will improve governance and ensure wilful compliance to tax demands, unify the country by eliminating all state taxes and levies and impart buoyancy to revenues both in the short and the medium term.
- Sunil Kanoria, President, ASSOCHAM, said GST will be a game changer for the country as it is pro-people, pro-industry and pro-economy reform. He underlined the need for government and Opposition to come together, rise above their differences and make GST a reality.
- Sumit Mazumder, President, CII, said that if the Constitution Amendment Bill is not passed in the winter session, it will be a big disappointment for industry and trade. He appealed to all political parties to support the passage of the Bill as GST will drive the 'Make in India' initiative for making 'One India'.
- Jyotsna Suri, President, FICCI, applauded the coming together of India's five premier industry bodies and the trading community to support the GST regime which holds the prospect of raising GDP, giving a competitive edge to manufacturing and creating jobs for the youth.
- Mahesh Gupta, President, PHDCCI, pointed out that tax laws similar to GST were prevalent in over 160 countries and the world was moving towards one market. Hence, it was imperative to make the states of India into a unified common market and there was no better time than now to implement GST when the world is still grappling with an economic slowdown.
- Praveen Khandelwal, National Secretary, CAIT, a body representing six crore traders from across Indian states, said that GST will facilitate the conduct of business as currently it was bogged down by compliance with 24 different taxes and laws.