Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
Popular Search: articles on VAT and GST in India :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT Audit :: cpt :: ACCOUNTING STANDARDS :: ACCOUNTING STANDARD :: Central Excise rule to resale the machines to a new company :: VAT RATES :: due date for vat payment :: TDS :: empanelment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: form 3cd :: TAX RATES - GOODS TAXABLE @ 4% :: list of goods taxed at 4%
Direct Tax »
 CBDT issues final rules for taxing share buy back by companies
 CBDT issues final rules for taxing share-buyback
 The direct tax collections up to September, 2016 are at Rs. 3.27 lakh crore which is 8.95% more than the net collections for the corresponding period last year.
 IDS is tremendous success: CBDT chief Rani Singh Nair
 Submit monthly data of appeals disposed of: CBDT to officers
 Direct tax mop-up jumps 9 per cent in H1, indirect tax up 26 per cent
 Income tax department slams notice on five Mumbai-based exporters over offshore accounts
 Redress TDS mismatch grievance of taxpayers: CBDT
 Tax department changes rule for accommodating deductions for deferred spectrum payment
 Tax dept renotifies income computation, disclosure standards
 Sushil Chandra to be the next CBDT chief

Bring in GST, DTC to spur growth, India Inc tells government
August, 28th 2012

urged the government to introduce the Goods and Services Tax (GST) and Direct Tax Code (DTC) to spur economic growth, which has been declining over a year owing to various global and domestic factors.

"Early introduction of GST and DTC can revive the sagging economy and help increase the GDP growth by at least 1.5 percent. Allowing foreign direct investment (FDI) in growth sectors such as multi-brand retail, civil aviation and defence sectors will spur growth," Confederation of Indian Industry (CII) president Adi Godrej said here.

Admitting that declining gross domestic product (GDP) growth rate (6.5 percent) in last fiscal (2011-12) from 8.4 percent in fiscal 2010-11 was a cause for concern, the Godrej group chairman said the sharp fall in the fourth quarter (January-March) to 5.3 percent from 9.2 percent in same quarter of FY 2011 due to poor performance of the manufacturing and agriculture sectors was disturbing.

"Though the GDP growth slumped to 6.9 percent in fiscal 2008-09 due to the global financial crisis, the Indian economy staged a remarkable recovery, thanks to slew of measures, including stimulus the government provided for over two years. The trend, however reversed last fiscal," Godrej told the industry members at an interactive session on 'Agenda for Economic Revival' here.

Representing the manufacturing and services sectors, the confederation has urged the government to go ahead with the twin growth-oriented measures GST and DTC and reforms to attract more domestic and overseas investments in key sectors.

"The much-awaited reforms can act as a macro economic stimulus for growth and help reduce fiscal deficit which is projected at 4.2 percent last fiscal, check inflation and put the country back on the growth path," Godrej asserted.

Regretting the disruption of the current monsoon session of Parliament by opposition lawmakers over contentious issues such as direct allocation of coal blocks to private firms through preferential allotment than auctioning, the veteran industrialist said the standoff was hampering the reform process as several pro-active bills were held up for legislating.

"Parliament has not been working for days due to various reasons. The hold-up is unfortunate and is hampering important legislations that can stimulate growth," Godrej lamented.

As a representative body of India Inc, the CII is working with various state governments across the country to encourage reforms for healthy and uniform growth.

"Though the national GDP was 6.5 percent last fiscal, some states have been growing at double digits. A couple of states like Madhya Pradesh have see double digit growth in the agriculture sector. Rest of the states can emulate and follow the trend," Godrej observed.

Noting that the country had come a long way since the reforms were ushered in early nineties, the India Inc head said though there was no going back on the reform agenda, the problem was the momentum for the new set of reforms had suffered.

"India has progressed well during the last two decades. I hope the downswing in the economy is a cyclical phenomenon and not a systemic problem. The only way forward is to revert to fast-paced reform process," he added.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
E-catalogue online catalogue E-brochure online brochure online product catalogue online product catalogue e-catalogue Indi

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions