GST LEGISLATION BENEFICIAL TO COUNTRY: CBEC, ADDITIONAL DG

PHD Chamber Of Commerce and Industry on Wednesday organised a Conference on Draft Model “GST Law : Scope of Supply, Place & Time of Supply, Valuation and Transitional Provision in GST” in which the unanimous view emerged that GST is beneficial to all states and union territories including the Centre which will help India, fuel growth of its economy, keeping sufficient pace for emerging times.

The Additional DG (GST), CBEC, Mr. Shashank Priya addressed and emphasised that this tax is beneficial and therefore, its earlier legislation is imperative and critical and this should be applied carefully.

“Different committees have been formed to address the issues relating to this law and how can it be applied effectively and various discussions are being held on how to remove the problems confronting GST”, he said.

According to him, model GST law is not a product of particular thinking or a person; instead it is applicable to the whole country and also it should be simple, transparent and IT driven.  GST should also promote Ease of Doing Business, making India one common market. It is definitely a productive tax as it will subsume central and State taxes and create mutual trust between government and public.

Mr. Gopal Jiwarajka, Senior Vice President, PHD Chamber said that GST is a revolutionary tax as it would take India to a higher growth trajectory.  

Among others who participated in the conference comprised Vice President, PHD Chamber, Mr. Anil Khaitan who felt that with GST legislation in place, landmark development would happen for India’s economic growth. 

The Chairman and Co-Chairman, Indirect Taxes Committee, PHD Chamber, Mr. Bimal Jain and Mr. N K Gupta also participated in the conference. Mr. Jain shared that GST will remove the multiplicity and cascading effect of the different indirect taxes.  Double taxation will be removed and would bring in transparency, uniformity and most importantly there will be incremental GDP growth, he added.