With the constitutional amendment in Parliament already completed and legislation by the required number of state governments also complete, the introduction of the Goods and Services Tax (GST) is on the fast track. The commitment of the Centre and state governments in this landmark tax reform is laudable and we in Indian industry deeply appreciate their common endeavour in this cause. CII believes amalgamation of a large number of Central and State taxes into a single entity will mitigate the cascading or double taxation effect and pave the way for a common unified market, said Mr Suresh Redhu, Chairman CII Uttarakhand State Council
Taking a proactive role, the Confederation of Indian Industry (CII) organised a day long Preparatory Workshop at Dehradun today. The objective of the workshop was to make industry aware and understand the impact and opportunities offered by this particular piece of legislation. GST will affect all industries, irrespective of the sector. It will impact the entire value chain of operations, namely procurement, manufacturing, distribution, warehousing, sales, and pricing. It will also trigger the need to relook at internal organization IT systems.
Addressing the gathering, Mr Piyush Kumar, Additional Commissioner, Commercial Tax explained the concept of GST and its various components.
Mr Kumar also said that the GST would add to the economic growth of the country and would be beneficial for industry.
Expressing his views on GST, Mr Manish Mishra Partner Grant Thornton India LLP said that GST is now surely a reality after the rare display of consensus by political parties. The conversation on GST will now move from “whether GST will come’ to ‘when GST will come’, he added.
Mr Rahul Aggarwal, Director, Grant Thornton India LLP said that after having witnessed consensus on one of the largest reforms of the century after more than a decade, another big challenge now lies before the Government is to carefully draft and present to the country a quality GST law which is exhaustive, inclusive and absolutely clear in context as well as content.
During the day long preparatory workshop for Industry, about 120 industry delegates from across the industry in Uttarakhand participated.