In the face of ongoing slowdown of the economy, the country is in dire need of injecting pro-reform measures to stimulate economic growth and introduction of the much-awaited Goods and Service Tax would boost the investment and business confidence, a tax advocates forum has stated here in an appeal to Union Finance Minister P. Chidambaram to accelerate its introduction.
‘Take necessary steps’
In a statement, the All-India Tax Advocates Forum (AITAF) has urged Mr. Chidambaram to take necessary steps to further accelerate the ongoing exercise for introduction of the GST, which is considered to be the biggest ever reform in the country’s indirect tax system.
Forum president M. K. Gandhi said on Saturday that “the proposed GST will help in building up of an integrated national market for goods and services by replacing plethora of indirect taxes levied by the Centre and States with a single levy.”
The GST seeks to subsume indirect taxes at the Central level like Excise Duty and Service Tax and State level taxes like Value Added Tax (VAT) and the local levies like Octroi.
The GST roll out was first scheduled for April 1, 2010 but the implementation has got delayed.