With the Goods and Services Tax (GST) rollout taking place in a special midnight session on June 30, Confederation of Indian Industry (CII) has said that implementation of the crucial tax reform will make Indian industries more competitive, incentivise exports as well as help expand the tax net. The industry body has also said that GST regime gives tremendous confidence to the industry that the government will continue to facilitate investments and simplify the business environment.
Asserting that GST would stand as an exemplar of collaborative reform for the world, CII President Shobana Kamineni has said that they have emerged into a new era of economic reform with the introduction of the game-changing GST. She also pointed out that going forward, GST will contribute to the ease of doing business and accelerate new business ventures.
Kamineni further said that input tax credit will curb inflation by avoiding tax-on-tax and they believe that most businesses would pass on the benefits of input tax credit to consumers so that inflation would be curbed. She also said that large numbers of government officials, tax experts, and CII are committed to ensuring the success of GST for boosting India's growth and development.