"The medium-term impact of GST on macroeconomic indicators is expected to be extremely positive. Inflation will be reduced as cascading of taxes will be eliminated."
"Tax revenues of the government would go up with expanded tax net, and fiscal deficit would remain under control. Further, exports would emerge as more competitive in global markets, while FDI is likely to be encouraged," CII director general Chandrajit Banerjee said.
Assocham president Sandeep Jajodia said India would move many notches up the global ease of doing ladder by this single, but the most important tax reform in the country.
PHD Chamber of Commerce and Industry president Gopal Jiwarajka congratulated Prime Minister Narendra Modi, Finance Minister Arun Jaitley and other members of the Union Cabinet saying their "unflinching and consistent efforts" led to evolving a consensus for the launch of the new tax regime.
Ficci expects the rollout of GST to bring about significant gains to the country's economy and advantages for the stakeholders, while easing the burden of taxpayers in understanding and complying with various tax laws.
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