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Assocham: GST holds key to economic revival
Expressing concern over inordinate delay in passing of Goods & Services Tax (GST) Bill by the Parliament, industry body Assocham on Monday maintained that the proposed new tax regime which would usher in uniform taxation across the nation would be essential for revival of economic growth in the country.
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Industry body’s new chief praises industrial policy announced by Telangana
Hyderabad: Expressing concern over inordinate delay in passing of Goods & Services Tax (GST) Bill by the Parliament, industry body Assocham on Monday maintained that the proposed new tax regime which would usher in uniform taxation across the nation would be essential for revival of economic growth in the country.
“We are concerned that Parliament has not functioned effectively. Our appeal to all forums is that efforts should be channelled at making GST happen at the earliest. For, that’s key to revive the economy again,” Sunil Kanoria, the newly-elected president of Assocham, told media here.
According to him, trade and industry is currently facing enormous hurdles in moving products from one State to the other as tax barriers are very high. The impact is more on small and medium enterprises who operate in multiple states.
“We are trying to mobilise industry and trade bodies to send a message to all our parliamentarians that GST is critical for India. It is the Brahmastra to transform nation and make India as one country,” he said, adding that the implementation of GST would lead to at least 1.5 per cent additional growth in GDP.
He further said that the central government should extend the on-going session of Parliament or convene a special session to get approval for the crucial GST Bill.
The industry body sounded more optimistic than the central government by saying that economic growth would touch eight per cent or even cross it during the current fiscal. “Today, we have commodity prices as advantage, fiscal deficit under control and lower crude prices. All these are beneficial to the economy,” Kanoria explained, adding that Indian can sustain eight per cent GDP growth even without GST in place.
Appreciating Telangana government for bringing out investor-friendly industrial policy, he said: “The State has taken several steps to improve ease of doing business. The initiatives like approvals in 15 days and self-certification will be useful,” he said.
He further stated that Telangana and Hyderabad has phenomenal infrastructure including new airport, wide network of flyovers and upcoming metro. “It reflects that how good infrastructure can really create an opportunity for a city like Hyderabad,” he said.
