Goods and Services Tax Holds Key to Growth

ciiblog

???The Goods and Services Tax (GST) is a reforms initiative that seeks to replace all indirect taxes levied on goods and services by the Centre and States and make it comprehensive for most goods and services. Some of the States have been resisting it on the ground that it would infringe on their financial autonomy.

CII feels that introduction of the contentious GST is a high priority area for the country to improve its economic growth and gross domestic product (GDP). It will also exert pressure on the States opposing it to agree to its implementation.

With the CII concluding that accelerated economic growth is vital in the present circumstances, CII’s new President, S Gopalakrishnan, stressed that reforms like implementation of the GST was a must.

“It is a high priority area. If GST comes into force, it will add at least 1.2 per cent to the GDP. We have…

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