"We have emerged...into a new era of economic reform with the introduction of the game-changing GST. This will stand as an exemplar of collaborative reform for the world on an unprecedented scale," CII President Shobana Kamineni said.
The CII President said that going forward, GST will contribute to ease of doing business and accelerate new business ventures.
She said that GST is based on self-compliance with the input tax credit as a powerful incentive to businesses to step into the tax fold. "Input tax credit will curb inflation by avoiding tax-on-tax. We believe that most businesses would pass on the benefits of input tax credit to consumers so that inflation would be curbed," said Kamineni, adding that the industry is prepared for implementing the Goods and Services Tax (GST).
"In the backdrop of subdued consumer demand, there is no reason for the industry not to pass on any benefit accruing from the GST. The top priority for the industry today is to step up its capacity utilisation by increasing production, helped by consumer demand," Assocham said.
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