GST Law: Prospects for Indian Economy

(from left to right) Shivashankarappa Mugbast (Vice President, Karnataka Chamber of Commerce & Industry), Siddheshwar G. Kammar (Hon. Secretary, Karnataka Chamber of Commerce & Industry), Pramod S. Yadawad (Chartered Accountant) and Dr. NA Charantimath (Chartered Accountant) at Business Standard Smart Business in Hubbali on January 27, 2016, in association with Karnataka Chamber of Commerce & Industry

The government should educate small manufacturers and traders on the benefits of implementing the Goods and Services Tax (GST), while pushing opposition parties to get the GST Bill cleared in the Parliament, according to tax experts speaking at the Business Standard Smart Business panel discussion on ‘GST Law: Prospects for Indian Economy’ organised in association with Karnataka Chamber of Commerce and Industry in Hubbali.

"GST is essential for our country. It will reduce friction and contribute an additional growth of 1. 5 per cent to the country's gross domestic product (GDP),” said Dr N A Charantimath, chartered accountant and tax expert. "The government has already built a digital infrastructure to ensure that GST implementation will be smooth. The parliament should approve it fast."

Pramod Yadawad, senior advocate on tax affairs, was of the view that business leaders and traders would adopt GST without any issues as they had already taken to the value added tax regime introduced across the country a decade ago.

"Most businesses do not want hassles dealing with multiple forms and rules. If there is an uniform taxation regime, then it is in their interest to comply. Most traders and business leaders would be more than willing as GST brings in more transparency," said Yadawad

Ramesh Alegouda Patil, vice president of Karnataka Chamber of Commerce and Industry, welcomed the gathering. Siddheshwar G. Kammar, Hon. Secretary, Karnataka Chamber of Commerce & Industry, delivered the vote of thanks.