The long pending desire of Industry & Trade on GST implementation is now reality and FTAPCCI kudos to Government of India and union Finance Minister.
GST is expected to play a transformative role in the way our economy functions. It will add buoyancy to our economy by developing common Indian market and reducing the cascading effect on the cost of goods and services.
The implementation of GST provides a boost to manufacturing and employment growth, thereby creating desirable growth pattern, that is, from Agriculture to Industry to Services.
FTAPCCI believes that there should not be any exemptions in the GST regime, because this leads to a cascading of taxes, which, among other things, is particularly harmful to the export growth and a loss of information because of the breakup of the input tax credit chain. All Indirect Taxes which are a source for Tax Cascading and have significant transaction costs, including all those going by different names like Octroi, Entertainment Tax (for Municipalities), Stamp Duties etc., should necessarily be subsumed in the
For GST to be successful, all States and Centre should implement it in a similar manner. Passing of this bill will bring the national common market which is one of its goals.
To ensure seamless implementation of GST and full compliance of the provisions of GST, including documentation like Invoices and Returns, Forms, Challans, Accounting Codes and must be uniform across the country.(NSS)