ICAI’S PRESIDENT MESSAGE WELCOMING GST
NEW DELHI:- President of The Institute of Chartered Accountants of India, CA. Manoj Fadnis happy to say the passage of GST bill in Lok Sabha.
He said in his message that GST is a biggest tax reform since Independence as. The GST would subsume Central Excise Duty, Service Tax, Central Sales Tax, State Value Added Tax (VAT), Entry Tax, Octroi and other State levies, and pave the way for formation of a national market, he said
|We Welcome Passage of GST Bill in Lok Sabha|
I am happy to say that India is now closer to the biggest tax reforms since independence as the Constitution (122nd Amendment) Bill relating to the Goods and Service Tax (GST) has been passed by the Lok Sabha. GST will replace a patchwork of levies by the Central and State Governments with a single nationwide tax on goods and services. As rightly pointed out by our Finance Minister, the GST could indeed add up to 2 percentage points to the growth of our country, Asia’s third largest economy. GST will integrate the State economies and boost overall growth. It will create a single, unified Indian market to make the economy stronger besides boosting tax collections. It is estimated that India will gain $15 billion a year by implementing the GST as it would promote exports, raise employment and boost growth. The GST would subsume Central Excise Duty, Service Tax, Central Sales Tax, State Value Added Tax (VAT), Entry Tax, Octroi and other State levies, and pave the way for formation of a national market.
Indian accountancy profession is convinced about the immense benefits of GST and is committed to its smooth roll-out and implementation. The implementation of GST will immensely expand our professional horizons and bring tremendous opportunities to the profession. On our part, we have offered the CBEC, our unconditional support in paving the way for its implementation. We have proposed to organise awareness and training programmes for the Excise and Service Tax officials across the country. The background material on GST brought out by the Indirect Tax Committee is being highly appreciated by all.