‘GST to increase India’s GDP growth by 2 per cent’

Source: The Hitavada      Date: 14 May 2017 09:23:02

Business Bureau,

THE Goods and Services Tax (GST) roll-out would benefit all stakeholders of the industry, Government and the consumer. It would also lower the cost of goods and services, give a boost to the economy and make the products and services globally competitive.

“GST aims to make India a common market with common tax rates and procedures and remove the economic barriers thus paving the way for an integrated economy at the national level,” said A K Pande, Chief Commissioner, Customs, Central Excise and Service Tax, Nagpur while talking at the inauguration of the ‘VIA GST Clinic’ organised by Vidarbha Industries Association (VIA).

“GST will boost the ‘Make in India’ initiative of the Government and it will render India a common market and make it a reality. The GST Act has been drafted in a simplest way possible making the law crystal clear and leaving a very little scope for the litigation,” Pande said.
The GST would be largely technology-driven. It would reduce the human interface to a great extent and this would lead to speedy decisions.

“The GST is expected to bring buoyancy to the Government revenue by widening the tax base and improving the tax compliance. It is also likely to improve India’s ranking in the ‘Ease of doing business index’ and estimated to increase the GDP growth by 1.5 per cent to 2 per cent. The GST will bring more transparency to indirect tax laws,” he said.
Omprakash Bagdia informed that the VIA was making representations on behalf of the trade and industry regarding the issues in GST.

CA Ashok Chandak had covered the session on ‘Overview of basic GST and broad analysis of GST Law’. He explained the three-tier system of GST. He summed up as to how the GST would work and its salient features.

He said that the GST would be beneficial in the larger interest of the industry and trade by providing a simple, more comprehensive and wider coverage of input tax credits and by subsuming majority of the indirect taxes within its ambit.

Consequent to elimination or reduction in the cascading effect of taxes, the system would become more transparent and self-policing. Further, it would widen the tax base, provide better tax compliance and lead to reduction in the tax burden on all dealers at large in the industry and trade, provided tax compliance was simplified, he said.

CA Sachin Jajodia of the VIA Taxation Forum conducted the proceedings.

Prominently present were Ashish Chandan, Commissioner, Central Excise, Nagpur-II, Praful Doshi, IPP of VIA, CA Naresh Jakhotia, Joint Secretary of VIA, CA Varun Vijayvargia, CA Saket Bagdia, CA Lalit Loya, CA Milind Patel, CA Shailendra Jain, CA Jai Poptani, CA Ritesh Mehta, CA Hemant Rajandekar and large number of industrialists.