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Despite Initial Skepticism, Industry Embraces India's Biggest Tax Reform in a Positive Spirit


July 18, 2017 - New Delhi, Delhi, India

Business Wire India

Industry favors GST taxation system
Industry favors GST taxation system

Heralding a new era in tax reforms, GST regime is finally here up and running, and despite initial skepticism, it has been hailed by the entire industry. Considered as a key factor in improving ease of doing business and paving the way for ‘One Nation-One Tax’, GST promises to make India one big homogenous market, which the Industry veterans have mostly cheered about.
 
“GST has also rekindled the hope of majority of the industries which have been reeling under the pressure of rising input costs and stagnation in the market. GST will soon drive the next wave of growth in the market and it will play a big role in making the masses more tech savvy and hence the dream of digital India may soon turn into reality,” said Mr. Vikash Samota, Founder, MultiTV Tech Solutions Pvt. Ltd.
 
“Entrepreneurs across the country are in an upbeat mood for being a part of historical change of conducting business in India with GST implementation, which can be termed as a concrete step towards economic democracy in India,” said Ms. Poonam Sharma, Group Director, Accurate Institute. “This revolutionary step will surely be instrumental in making the market scenario absolutely favourable for the consumers, and for the industry as well. It will result into creating seamless market flooded with new opportunities and growth triggers. I believe GST will create win-win situation for all the stakeholders going forward,” added Mr. Manoj Prasad, Executive Vice Chairman - Que Capital Limited (DIFC) investment Banking.
 
“The impressive scenario that will emerge after the implementation of GST is expected to speed up growth trajectory of the country. With the expected rise in the government’s revenue figures, infrastructure development will also gain momentum hence investments across various sectors will also rise, benefitting the last mile delivery of products,” said Mr. Rakesh Zutshi, President, ELCOMA India and Managing Director, Halonix Technologies Pvt. Ltd. “Reducing the cascading effect of multiple taxation with a single tax across the country, GST will surely make best of healthcare facilities affordable for the masses. Hence, the rollout of GST is undoubtedly a positive measure for the healthcare industry,” added Dr. P N Arora, MD, Yashoda Super Speciality Hospitals.
 
Among other industries, real estate consumers are also expected to reap rich rewards. It is since, GST has replaced multiple taxes like value added tax (VAT), custom duties, central sales tax (CST), excise duty and service tax etc with a single tax. “Eliminating multiple taxation windows across the boundaries of the states, GST has transformed India into one market and so we are very optimistic that a visible reduction in the transportation costs of the raw materials may result into reduced prices of projects for the consumers,” said Mr. Arjunpreet Singh Sahni, Executive Director, Solitairian Group.
 
Overall, the real estate developers are also expecting the positive wave of GST will sweep away all the cobwebs of stagnation and the market will soon usher in an era of tremendous growth. “Considered as a landmark reform in indirect taxation process, GST will positively impact the entire real estate industry, including residential, commercial and retail real estate segments across the country,” said Mr. Arush Gupta, Director, Okaya, adding that, “It is expected to boost the ease of doing business, besides bringing transparency in transaction process and so we can expect massive demand in the market going forward.”
 
“Eliminating the threat of double taxation, GST Act is set to emerge as a major relief for all the stakeholders of the real estate sector. At one end, the home buyers are set to gain out of the major benefits offered by unified tax, the developers on the other hand, will be benefitted by the expected increase in business opportunities,” concluded Mr. Pankaj Kumar Jain, Director, KW Group.

Source: Business Wire India

BusinessWireIndia

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