India Inc. welcomed the GST launch as a landmark tax reform
As India enters a new tax regime under the Goods and Services Tax or GST from July 1, heads of major companies and industry bodies took to twitter to express support for the sweeping tax reform which is expected to give a huge momentum to the country's economy and attract global businesses to India. Twitter reactions ranged from congratulatory on the timely roll out of GST to concerns over how it would be implemented. Meanwhile industry bodies said they were "fully prepared" for implementation of the new indirect tax regime, which came into effect from midnight July 1.
Anand Mahidra, the Chairman and Managing Director of Mahindra Group an avid tweeter, welcomed the GST rollout with words from Jawaharlal Nehru’s speech on the eve of India’s Independence.
Vijay Shekhar the founder of Paytm hailed GST as the biggest reform of the country and congratulated Narendra Modi and Arun Jaitley on the successful roll out.
Chanda Kochhar, CEO of ICICI Bank, India’s largest private bank, said that GST would enhance the ease of doing business in India and improve tax compliance in a statement on ICICI’s official twitter handle.
Chandrajit Banerjee, Director General of CII, an industry body, called the reforms unprecedented in model and scale and commended the efforts of the GST council members in a series of tweets.
Shobana Kamineni, the Executive Vice Chairperson, Apollo Hospitals Group, tweeted a picture from the GST launch event terming it “India's second tryst with destiny”
Kiran Mazumdar Shaw, Chairman and Managing Director of Biocon, called the launch a “proud moment” but expressed concern over the complex structure of GST.
The nationwide GST will overhaul India's convoluted indirect taxation system and unify the over $2 trillion economy with 1.3 billion people into a single market.