‘Common Economic Market’ is closer to become reality
March 30, 2017, Mumbai: All India Association of Industries congratulates Lok Sabha for passing 4 crucial GST Bills, viz. CGST, IGST, UTGST and Compensation Bill after a marathon debate yesterday late evening. Post India’s economic liberalization 1991, GST promises to create a ‘common economic market’ to help Indian manufacturing and products globally competitive.
Mr. Vijay Kalantri, President, All India Association of Industries (AIAI) while congratulating Mr. Arun Jaitley, Finance Minister, Government of India for this path-breaking achievement said, “This is an unique achievement in the Indian democracy where all political parties came together for an economic reform aimed to benefit trade and commerce to create a common economic market and in turn help Indian manufacturing becoming globally competitive.” No doubt, GST Bill is a right decision for keeping in line with the Ease of Doing Business and if implemented with proper simplification and rationalization of taxes will give impetus to growth of GDP by at least 1% to start with added Mr. Kalantri.
Mr. Kalantri further emphasized that after the successful passage of GST Bills, Government must ensure that all stakeholders in the economic value chain are adequately supported with a robust information network and infrastructure to smoothen transition to GST. AIAI is looking forward to GST Council’s approval on composition, valuation, input tax credit and transitions to GST.
Mr. Kalantri further emphasized that the Government should take this opportunity to accelerate the simplification of various archaic laws and regulations pending with the Government to attract domestic and foreign investment that will ultimately generate exports and employment and would promote ‘Ease of Doing Business’ in India.
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