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) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Latest Expert Exchange
« Service Tax »
 I-T return filing: Income Tax offices, Ayakar Seva Kendras to remain open from March 29-31
 Top 5 money matters you must settle before March 31 From income tax returns to LTCG,
 Steep fines for missing March 31 income tax deadline
 CBEC clears some air on refunds under GST, central excise, service tax laws
 3 key tax changes for senior citizens which will come into effect from April 1, 2018
 Income tax returns (ITR) filing: Not filed returns for 2 years? Beware! Deadline nearing
 All you want to know about HRA: When you can claim and how it is calculated?
 Income Tax Saving: 6 ways to save tax without investing before March 31 tax deadline
 Unnable to file your tax return? Take help of these portals
 Do you know which 80C instruments can help you save tax and carry no future tax liability?
 E-way relief, for now, to e-commerce, courier firms sending small orders

Goods & Services Tax bigger than second generation reforms
September, 25th 2012

The introduction of the goods and services tax (GST) is likely to be a reality soon, with some opposing States coming around, according to Adi Godrej, Chairman of the Godrej Group.

GST will be the biggest reform after 1991. As with most things in this country, economic reform is held up by political differences, but there is good progress these days, he said. Stating that politics has always interfered with economic decisions, Godrej added, Peoples understanding of growth is still poor. The idea is that under a socialist regime, no country has done well. So, neither will we. This has to change.

GSTs implementation alone would add 1.5-2 percentage point to Indias GDP growth. It will provide a tremendous stimulus and can solve several issues like inflation and fiscal deficit, he said.

Maintaining that there were few problems to GSTs implementation and that political differences are delaying the whole process, Godrej said, There is a lot of bargaining going on. It is not only for the Union Government to implement it, but States must address the macro economic problems.

He pointed out that tax evasion would become difficult once GST is implemented.

GST will help exports. Tax refunds will be available and it will be across the board. It will boost the economys growth rate, he added.

Emphasising the role of States in implementing the next generation of reforms, Godrej, who is also the President of the Confederation of Indian Industry (CII), said he had met Yashwant Sinha of the BJP to apprise him of the issue.

We are working to build consensus at both the States level and the Centre for their implementation. Negotiations are going on. I have had a discussion with Bihars Finance Minister Sushil Modi. We have taken the message across to Gujarat, Bihar and Uttar Pradesh, and even some opposing States. Politics should not come in the way of economic reforms, he said.

Stating that the implementation of GST is bound to be a game-changer for India and we have impressed this upon the States, Godrej added, GST is even bigger than the second generation reforms and would propel the economy to new heights.

Godrej added that States needed to be convinced about the benefits of GST so that it is introduced quickly. Peoples mindset can only change with discussions and debates, he added.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Enterprise Resource Planning Solutions ERP Solutions Enterprise Resource Planning Software Solutions ERP Software Solutions Supply Chain Management Solutions SCM Solutions Supply Chain Management Software Solutions SCM Software Solutions Enterprise Resource Planning Solutions India ERP Solutions India Enterprise Resource Planning Software Solutions India ERP Software Solutions India Supply Chain Management Solutions India SCM Solutions India Supply Chain Management Software Solutions India SCM Software Solutions India

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