India Inc welcomed the passage of the Goods and Services Tax (GST) Bill in Rajya Sabha and termed it as a milestone achieved after 1991 Economic Reforms.The India Inc said once implemented, the GST Bill will bring transparency in the system and propel growth of the country.
CII Director General Chandrajit Banerjee said, "GST is expected to remove the cascading effects of various multi-level indirect taxes on goods and services and will subsume most of the country's central and state level duties and taxes, thus making the country a national market.”
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Meanwhile, FICCI President Harshvardhan Neotia said GST gives hope for growth and high GDP.
"The cooperation extended by the Opposition to this crucial legislation is the cornerstone of democracy and gives industry a lot of hope on progress of reforms in the country," Neotia said.
Anshuman Magazine, Chairman, CBRE India and South East Asia termed it as a "major tax reform for our economy, which will transform India into a single market".
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He said the roll out of the indirect tax reform is likely to positively impact the real estate sector.
"GST will facilitate Make in India by making India a unified market, improve competitiveness of Indian businesses and help bring down the prices of goods for consumers by doing away with cascading levels of taxation. In the long run, it will also enhance Government revenue," Harsh Pati Singhania, Director JK Organisation said.
(Image: Reuters)