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  3. GST implementation can be the biggest contributor to ease of doing business: Shaktikanta Das

GST implementation can be the biggest contributor to ease of doing business: Shaktikanta Das

05 Apr 2016 Evaluate

After Finance Minister Arun Jaitley recently said he will reach out to the Congress again to persuade it to support the indirect tax legislation, Economic Affair Secretary Shaktikanta Das, expecting an early passage of Goods and Services Tax (GST) bill by Parliament has said that implementation of the GST can be the biggest contributor to improving the ease of doing business in India and the administrative machinery is ready to implement the new indirect tax regime, which will be a key component in improving ease of doing business.

The government is keen on getting the much delayed GST bill approved by Parliament in second half of the Budget Session beginning next month. Das in his statement said that “I think the biggest contribution to ease of doing business in our country will be made if GST is implemented in time. We are quite hopeful and optimistic that Parliament will definitely very soon appreciate the urgency of GST and have the Constitution Amendment Bill passed”. Though, he pointed that government is ready with all the backup to roll out the new tax regime but it could be done not only after its passage by Parliament but also its ratification by at least half the number of the State Assemblies.

Economic Affair Secretary who was addressing industry leaders at a CII event said that India’s rank in World Bank Doing Business Report 2016 has improved to 130 from 142. He said improving ease of doing business is critical to improve India’s Gross Domestic Product growth rate. Our target is to achieve 8 per cent and cross 8 per cent growth in the near future. Slowly we plan to reach 8.5 per cent and 9 per cent.

The GST Bill, India's biggest indirect tax reform since independence, seeking to replace a slew of central and state levies, was passed by the Lok Sabha in May last year and is pending ratification by the Rajya Sabha, where the ruling government does not have a majority.

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