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Trade and industry bodies push for passage of GST
Dec '15
A resolution adopted at a GST Conference held jointly by traders body the Confederation of All India Traders (CAIT) and industry bodies FICCI, CII, ASSOCHAM and PHD Chamber in New Delhi, “unanimously resolved to support GST and urge upon all political parties to pass GST Bill in Parliament” since trade and industry is eagerly awaiting the biggest tax reform in the country, CAIT said in a press release.

The Goods and Service Tax is one of the biggest tax reforms in India aimed to simplify and rationalize indirect tax structure in India. It will convert the country into a unified market, replacing most indirect taxes and subsuming all those into a single tax regime, the resolution said.

Implementing GST will transform India in to a common market, eliminate inefficient tax cascading, and go a long way in boosting the manufacturing as well as the service sectors and it would liberate trade and industry from the 'tyranny' of multiple indirect tax structures and contribute to the building of a transparent and corruption-free tax administration.

At the conference, CAIT Secretary General Praveen Khandelwal said his organisation is launching an online petition in support of GST urging all political parties to come together in the interest of the nation and pass the GST Bill.

The online petition will obtain concurrence of millions of traders from all over India. The petition will ask for the GST bill to be passed in Parliament and whatever needs to be done further, can be discussed at the time of framing separate laws for Central GST and Integrated GST to be passed by Parliament and State GST to be passed by State legislatures, the press release said. (SH)

Fibre2Fashion News Desk – India

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