GST Had A Positive Impact On Business, Say 76% Respondents Of FICCI GST Survey

The Finance Secretary Dr. Hasmukh Adhia said that continuous efforts are being made to simplify the GST system in the country. He was speaking at a session on 'One Year Journey of GST' organised by Federation of Indian Chambers of Commerce and Industry (FICCI) in New Delhi. Dr. Adhia added, "We have gained in the process of simplification by introducing GST, but that does not mean there is no scope for betterment of the existing system. A lot more needs to be done." He further reiterated that work is being done to make GST refund process fully automatic. On simplification of rates and slabs he said, "we understand the need of it but we did our best in the given scenario, keeping in mind the revenue and societal concerns of economically poor class."

Mr. Sandip Somany, Senior Vice President, FICCI and Vice Chairman & CMD, HSIl Ltd., said that Goods and Services Tax is not only the biggest indirect tax reform but also a landmark in the country's taxation history. "Results of FICCI survey on one year of GST show that implementation of GST has been successful on overall basis with 76% respondents stating that GST had a positive impact on their business. Also, 96% respondents believe that introduction of e-way bill mechanism in lieu of check posts will facilitate ease of doing business."

Mr. Harsh Mariwala, Past President, FICCI, Chairman-FICCI Task Force on GST and Chairman, Marico Ltd., in his theme address said that GST is a complex subject involving many stakeholders. "In the long-term, it is positive for the country. It is combining very well with the overall upturn of the economy, and going forward it will evolve with lesser number of slabs and issues related to return and refund being resolved, in at least next one year," he said.

Mr. Sachin Menon, Co-Chairman of FICCI Task Force on GST and Partner, National Head (Indirect Tax), KPMG said, "GST will also be evolving with changing economic and technological scenario and during the evolution, rectifying the issues will give fillip to this new tax regime."

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