India Inc stakeholders react to passage of GST Bill

* Vijay Shekhar Sharma, CEO & Founder, Paytm
Tweet: “Finally, the long due #GSTBill. Finally, India one large market. Finally, clarity of tax and new markets (ststes) open for online business.”
Paytm official statement: “Even though GST means, new ways to calculate tax and some bit of extra work in administration of business, I think it is overall great for online businesses because it brings clarity and tax obligations. Surprisingly, GST will also open new markets for online commerce because, today, due to complexities of entry tax and other processes, some states customers can not order everything from online shopping destinations. I am happy that government has taken all efforts to pass and implement GST.”
* Flipkart Statement:
“The implementation of GST will be a historic moment for commerce in India and will finally unify the country into one market. It will be a win- win for all the stakeholders of the Indian economy – lakhs of producers, sellers will have easy access to an all India market, consumers across the country will have access to quality products at affordable rates and there will be development of seamless national supply chain as well as creation of millions of formal jobs. We expect a major boost to eCommerce in India once GST is implemented.”
* Abhishek Bansal, Executive Director, Pacific Development Corporation Ltd.
“This is indeed a significant step towards indirect tax reforms. Apart from reducing the general expenditure burden on the customer the bill will enable ease of doing business with greater transparency and mobility across state borders. Since multiple taxes will be replaced by a single tax, in the real estate sector new constructions will stand to benefit. Overall impact will be economic growth and momentum.”