Pune: As the implementation of GST from July 1 has started, Shobana Kamineni, President, Confederation of Indian Industry (CII), stated, “We have emerged today 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.”
The CII President complimented the Government led by Prime Minister Narendra Modi for making GST a reality for the nation. “The Finance Minister and other members of the GST Council brought together all stakeholders for implementing this transformational policy, and CII lauds their spirit of cooperation,” she added.
According to Kamineni, going forward, 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 incentive 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 that 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 rollout of GST. Large numbers of government officials, tax experts, and CII stand ready to support enterprises in its implementation,” noted Kamineni, adding that initial glitches are expected to be quickly sorted out.
CII has consistently supported GST through the years, working with Central and state governments on its shape. To ensure a successful rollout, CII has undertaken to hold about 100 GST clinics across the country while also bringing out informative webinars for the benefit of the industry. CII will continue its efforts to smoothen implementation in the coming months.