Indian Inc has finally succeeded in passing the GST amendment in Rajya Sabha yesterday. This step taken by the Union government has been backed by the private sector and was considered a laudable attempt by the BJP government in passing the bill.
GST bill is introduced to eliminate multiple forms of indirect taxes and impose single goods and service tax. It is said that this kind of taxation will reduce the manufacturing cost and boost the economic growth.
Since the manufacturing sector is going to see 0% tax for interstate goods sales and purchases, this encourages a number of industries to come up. This further can create many jobs in the manufacturing sector. Corporate giants reacted to the long debate in the parliament about the GST bill, and most of them welcomed the decision of the GST.
On the other hand P. Chidambaram, the ex-finance minister from Congress, said that the GST bill can be regressive. This statement was opposed Rajya Sabha MP Rajeev Chandrasekhar who said that GST would create more jobs, wider product choice and less corruption.
Here are some worth mentioning by the private sector giants:
E-commerce giant and co-founder of Flipkart Sachin Bansal mentioned that millions of jobs could be created by the implementation of GST bill.
— Sachin Bansal (@_sachinbansal) August 3, 2016
Sajjan Jindal, chairman and managing director of JSW Steel congratulated all the political parties for the landmark event.
— Sajjan Jindal (@sajjanjindal59) August 1, 2016
Mahindra & Mahindra’s chairman Anand Mahindra tweeted that India cannot harness its market without GST.
Without GST,India won't harness its own 'common market.'We've been in BREXIT mode without knowing it!Praying for smooth passage of the bill
— anand mahindra (@anandmahindra) August 1, 2016
Executive vice chairman, CEO of Kotak Mahindra Bank, Uday Kotak mentioned “ache din” which was the slogan of BJP during elections.
India in sweet spot?Good monsoon, Brexit Blues behind, low oil. Things to watch US interest rates, GST, Fcnr redemption. Achhe din for real?
— Uday Kotak (@udaykotak) July 24, 2016
GST will help consumers n common folk said the pharma giant Kiran Mazumdar-Shaw, chairman and managing director of Biocon