CII gives thumbs up to GST

II has undertaken to hold about 100 GST clinics across the country while also bringing out informative webinars for the benefit of industry. CII will continue its efforts to smoothen implementation and rationalisation in the coming months.

Shobana Kamineni, President, CII said, “We have emerged into a new era of economic reform – with the introduction of the game-changing GST. This will stand as an exemplar of collaborative reform for the world on an unprecedented scale.”

Complimenting the Centre on making the uniform tax a reality, the CII President said “The Finance Minister and other members of the GST Council brought together all stakeholders for implementing this transformational new policy, and CII lauds their spirit of cooperation.”

According to Kamineni, GST will contribute to ease of doing business and accelerate new business ventures. 

“GST imparts significant competitiveness to Indian industry, thereby boosting the inherent potential of the economy to raise incomes, add to the formal economy and incentivise exports. GST also helps expand the tax net. Above all, it gives us tremendous confidence that the Government will continue to facilitate investments and simplify the business environment. CII and Indian industry is committed to ensuring the success of GST for boosting India’s growth and development.”

The CII President said GST is based on self-compliance with the input tax credit as a powerful incentive to businesses to step into the tax fold. “Input tax credit will curb inflation by avoiding tax-on-tax. We believe that most businesses would pass on the benefits of input tax credit to consumers so that inflation would be curbed,” stated Kamineni. “Industry is prepared for the GST. Large numbers of officials, tax experts, and CII stand ready to support enterprises in its implementation,” she noted, adding that initial glitches are expected to be quickly sorted out.