While appreciating the efforts undertaken by the Honorable Finance Minister and empowered GST Council, Mr. Gopal Jiwarajka, President, PHD Chamber of Commerce and Industry said that the end of logjam in GST implementation will boost not only the sentiments of businesses but also benefit people at large.
Industry will get a boost with the removal of cascading impact of taxation and improvement in ease of doing business, said Mr. Jiwarajka
GST will enhance production possibilities, attract FDIs and increase employment opportunities in the economy, he added.
GST will roll out from July 1 2017. The success of the Centre and the states to work out a formula for distribution of power between them to assess taxpayers is encouraging, said Mr. Jiwarajka GST council has decided to split assessees above a turnover of Rs 1.5 crore in the ratio of 50:50 between the Centre and the states, he added.
The turnover of Rs 1.5 crore or less, 90 per cent of the assessees will be assessed by the states and 10 per cent by the Centre, said Mr. Jiwarajka.
GST implementation would be a major game changer for the economy for accelerating the economic growth, he said. Going ahead, we hope that every citizen of the country is well aware of GST before its implementation, added Mr. Jiwarajka.