New Delhi: Chartered accountants' apex body ICAI on Thursday said implementation of the Goods and Services Tax (GST) would help reduce prices of fast moving consumer products by at least 10 per cent.
Moving a step closer to the long-pending tax reform becoming a reality, the Rajya Sabha on Wednesday passed the 122nd Constitution Amendment (GST) Bill, 2014.
The Institute of Chartered Accountants of India (ICAI) said GST would create a unified national market. "It also seeks to reduce cascading effects of taxes and rationalise tax content in product price, enhance the ability of industry to compete globally.
"Prices of commonly used fast moving consumer products should reduce by at least 10 per cent," it said in a release.
According to ICAI, GST is also expected to bring in new professional opportunities for chartered accountants.
"Increased compliances requirement in the form of number of returns required, challenge in transition to the new regime etc would definitely require a professional hand for adherence wherein chartered accountants can play a vital role," the release said.
The Institute of Company Secretaries of India (ICSI) said GST would enable significant cost reductions in supply chain by rationalising warehousing and transport systems.
"Additionally, it will also ensure increased tax compliance by easing out the process of filing returns. Overall, implementation of GST is estimated to boost GDP growth in three to five years," ICSI said in a separate release.
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