While wholeheartedly hailing the passage of the GST Bill in the Rajya Sabha, the trade and industry in Visakhapatnam feels that the bill, to be rolled out from April, 2017, has some more hurdles to pass through.
The investors, by and large, feel the GST will expedite reforms and give a fillip to the manufacturing sector. It is also expected to give a shot in the arm to ‘Make in India’ campaign.
When The Hindu wanted to elicit the opinion of some of the leading businessmen, prominent investors exuded confidence that finally the government would be able to face the challenges in implementing the GST from next fiscal.
Says Director of Sarda Metals & Alloys Ltd and former CII zonal chairman Neeraj Sarda: “I feel it’s a very welcome and positive move and we should be thankful to the government as well as the Opposition to have allowed the 122nd amendment to the constitution on the GST to be passed in the RS.”
He feels that this ‘far-reaching reform for our country’ will go a long way in improving the trade and manufacturing. In the context of ‘Make in India’ campaign, it is a very fundamental reform and will surely be watched very closely not just by Indian entrepreneurs, but the entire industry across the globe.
Mr. Sarda says though the news is very positive, two critical things are essential for its smooth sailing -- ratification at the State level and the actual rate of the GST.
‘A good move’
Stating that it will help in boosting investors’ confidence, President-elect of AP Chambers of Commerce & Industry Federation G. Sambasiva Rao points out that the GST is a good move and the industry is expecting it for the past 20 years.
“By this, multiple taxes will be avoided and single tax is coming into force. So compliance will be easy for which more income will generate. Instead of dealing so many departments, entrepreneurs can only have one department to deal which will lead to avoidance of harassment,” he opines.
He strongly believes the legislation will help entrepreneurs to concentrate their time on productive activities by avoiding multiple departments. “We are thanking all political parties and financial experts for making the GST a reality,” he states.
Vizagapatam Chamber of Commerce and Industry welcomed the much-awaited GST Bill passage. Its president A.V. Monish Row says the first and most important benefit is the subsuming of several taxes into one tax thereby reducing the corruption burden on the citizens as well as raise revenue to the exchequer.
“A simple tax regime will be easier to understand and paperwork will be simpler,” he says.
