India Inc stakeholders react to passage of GST Bill

* MD SRS Retail, Pratik Jindal
“With the implementation of a unified GST in India ,taxes for both Centre and State will be collected at the point of sale and the tax burden will be split equitably between manufacturing and services . This will lead to reduction in cost and and increase in consumption thereby benefiting consumers and producers alike.  In the long term the bill will also help lower tax and logistics costs and increase productivity gains which will contribute significantly to the overall growth of companies.”
* Confederation of All India Traders’ National President BC Bhartia and Secretary General Praveen Khandelwal joint statement
“GST will replace ten year old VAT taxation system which has resulted into wide disparities and ambiguity and became an object of great harassment, victimization and rampant corruption due to multiple taxes and multiple authorities. Prior to VAT, the Sales Tax was also instrumental in giving same treatment and therefore the GST will liberate the traders from the clutches of multiple taxation after sufferings of several decades.”
* Harshvardhan Neotia, President, Federation of Indian Chambers of Commerce and Industry:
GST is one of the most awaited reform measures by the industry. It is heartening to see that there is consensus emerging in passage of crucial GST bill. It is noteworthy that the principal opposition party has played a constructive role by articulating some of the concerns which have been noted by the government and would help form base of a robust GST framework for India.
* Mahesh Gupta, President, PHD Chamber of Commerce and Industry:
Make in India programme would also get a boost with improvement in ease of doing business by doing away with multiplicity of taxes and their cascading impact. GST will enhance production possibilities, attract foreign direct investments and increase employment opportunities in the economy.