Corporate India seeks speedy implementation of GST

Various industry bodies, including automobile sector body SIAM and IT hardware body MAIT, have unanimously, in their budget recommendations to the Narendra Modi led-government, sought speedy implementation of >Goods and Services Tax (GST) to make tax system in the country simpler.

In its recommendations to the government, MAIT has sought clarity on the date of implementation of GST and that it may be rolled out across country simultaneously.

 Stating that “GST is expected to address several issues under the current scheme of taxation of goods and services by the Centre and States,” the industry body recommended that the Draft GST legislation be published at the earliest.

Besides, it also suggested measure to the government for issue affecting the industry such as inverted duty structure, dual taxation on sale of packaged or canned software.

Similarly, CEAMA -- Industry Chamber for the Consumer Electronics – sought immediate interventions from the government on various issues, including implementation of uniform Goods and Services Tax.

In its recommendations, the industry said, “Rapid implementation of uniform Goods & Service Tax (GST) is needed in order to decrease compliance burden for businesses as well as reduce paper work while making tax system simpler and transparent.”

As with the IT hardware industry, CEAMA too pitched for removal of inverted duty structure that is making the Indian manufacturing sector non-competitive.

Manish Sharma-Vice President CEAMA and MD of Panasonic, India and SAARC, said, “Industry has been reeling under intense pressure due to sluggish demand, onslaught of concessional Imports under FTAs and heavy taxation.”

He added that with the coming-in of the new government, the industry was hopeful that recommendations will be taken up for consideration “especially on issues such as elimination of customs duty on lower size Panels for LCD/LED TVs, reduction excise duty on production of energy efficient products, implementation of GST and inverted duty structure.”

Society of Indian Automobile Manufacturers too pitched for speedy implementation of GST, stating that it is one of the most important reforms eyed by the sector.

 “… It has the potential to provide additional GDP growth of 1-2 per cent,” SIAM Director-General Vishnu Mathur said.

At the same time, the struggling auto industry also pitched for continuing of excise duty cuts announced for vehicles during the interim Budget.

 Nasscom, which represents the over USD 118 billion Indian IT-BPO industry, has submitted its recommendation the new government urging it to make the regulatory environment more predictable, legal provision more transparent and remove ambiguity.

Among other things, it has also recommended launch of an India Technology Entrepreneurship Mission (ITEM) to provide a supportive framework to technology start-ups and SMEs.

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Printable version | Aug 8, 2022 6:45:51 pm |