* Anshul Jain, Managing Director, India, Cushman & Wakefield:
The clearance of the Goods and services tax (GST) Bill in the Rajya Sabha is a laudable step that would remove cascading taxes and make India’s manufacturing sector more competitive.
* Anuj Puri, Chairman and Country Head, JLL India:
The Goods and Services Tax (GST) is the most radical taxation reform that is set to alter India’s economic prospects. A single indirect tax, encompassing all goods and services, is surely a welcome change. GST is built into the value-added structure that would eliminate the cascading effect of taxes and is expected to boost tax collection by making compliance easy for retailers and other businesses as also reduce overall taxation levels.
* Ashish Goel, CEO and Co-founder at Urban Ladder:
Introduction of GST will be a huge step by the government in backing it’s promise of ease of doing business. As a consumer e-commerce brand, our focus is on building a seamless supply chain and logistics network that helps us fulfil customer orders in different parts of the country. GST will help create a single unified market across India and allow free movement and supply of goods in every part of the country.
* Anshuman Magazine, Chairman, CBRE – India and South East Asia:
This is a major tax reform for our economy, which will transform India into a single market. The passage of this Bill is likely to positively impact the real estate sector, which has linkages with over 250 ancillary industries. Unified taxation will also infuse the much needed transparency into our taxation system.
* Kunal Bahl, CEO and Co-founder Snapdeal
Tweet: “Welcome passage of #GSTBill! Digital commerce removed geographical barriers, GST will remove tax barriers. One India means faster growth.”
Second Tweet: “However tax collection at source by online marketplaces will be a huge working capital burden for small sellers; needs 2 be re-examined #GSTBill”
Third Tweet: “A robust IT backbone and technology crucial for successful implementation of #GSTBill; should reduce compliance complexity” he tweeted.
As the Rajya Sabha on Wednesday finally took up discussion on the Goods and Services Tax (GST) bill, with Finance Minister Arun Jaitley moving it for consideration and passage, industry stakeholders welcomed the move but also expressed some concerns
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