With the government notification on timeline for furnishing final tax returns for July and August under GST regime, over 71.30 lakh excise, service tax and VAT payers are gearing up for tax filing under GST- as per business standard news http://www.business-standard.com/article/economy-policy/gst-cbec-notifies-final-timeline-for-filing-tax-returns-for-july-august-117080900598_1.html
As we unfold this journey of Indian indirect taxation transformation under GST, let’s look into the opinion of Industry stalwarts on how this will impact India’s growth.http://www.business-standard.com/article/economy-policy/despite-teething-troubles-gst-will-boost-gdp-in-next-6-months-godrej-117080901268_1.html
The latest interview by business standard with Industry veteran Mr. Adi Godrej brings in a perspective on how India’s GDP will see a boost in next 6 months.
Mr Godrej believes that variable tax rates under GST have been introduced with a lot of careful consideration. He believes common consumption items are priced appropriately.
Special mention on Free enterprise to accelerate growth is a key take away from the interview. Mr Godrej believes that Free enterprise has been instrumental in building great economies across the globe.
However, the exact implication of GST on Indian economy would be clear towards the end of this year. But, it is certain that GST will generate as much or more taxes as compared to previous tax collections.
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by Rakhi Vipat
Product Marketing specialist | GTM | Content strategist.
You can reach her on firstname.lastname@example.org