Jul 03, 2017
Commenting on the implementation of GST from July 1, Ms Shobana Kamineni, President, Confederation of Indian Industry (CII) stated, “We have emerged today into a new era of economic reform –with the introduction of the game-changing GST. This will stand as an exemplar of collaborative reform for the world on an unprecedented scale.”
The CII President complimented the Government led by Hon’ble Prime Minister Shri Narendra Modi for making GST a reality for the nation. “The Finance Minister and other members of the GST Council brought together all stakeholders for implementing this transformational new policy, and CII lauds their spirit of cooperation”, she added.
According to Ms Kamineni, going forward, GST will contribute to ease of doing business and accelerate new business ventures. “GST imparts significant competitiveness to Indian industry, thereby boosting the inherent potential of the economy to raise incomes, add to the formal economy and incentivise exports . GST also helps expand the tax net. Above all, it gives us tremendous confidence that the Government will continue to facilitate investments and simplify the business environment. CII and Indian industry is committed to ensuring the success of GST for boosting India’s growth and development.”
The CII President said that GST is based on self-compliance with the input tax credit as a powerful incentive to businesses to step into the tax fold. “Input tax credit will curb inflation by avoiding tax-on-tax. We believe that most businesses would pass on the benefits of input tax credit to consumers so that inflation would be curbed,” stated Ms Kamineni.
“Industry is prepared for the rollout of the GST. Large numbers of government officials, tax experts, and CII stand ready to support enterprises in its implementation,” noted Ms Kamineni, adding that initial glitches are expected to be quickly sorted out.
CII has consistently supported GST through the years, working with Central and State Governments on its shape. To ensure a successful rollout, CII has undertaken to hold about 100 GST clinics across the country while also bringing out informative webinars for the benefit of industry. CII will continue it’s efforts to smoothen implementation and rationalisation in the coming months.
June 19, 2017
CII: Industry is ready for the landmark tax reform of GST
“Industry is ready for the landmark tax reform of Goods and Services Tax (GST), which is expected to bring significant gains for economic growth, employment and exports. CII is undertaking more than 100 workshops across the country to enable enterprises to comply with the new regulations,” said Mr Chandrajit Banerjee, Director General, Confederation of Indian Industry. He was referring to industry preparations for implementation of the Goods and Services Tax (GST), slated to be rolled out from July 1. With just over 2 weeks expected for GST introduction, CII has taken up a range of initiatives to encourage industry to be proactive in managing GST compliance. CII has launched a series of around 100 two-day Training Programmes across India. The workshops are expected to reach out to about 5,000-plus enterprises. CII has been granted Approved Training Partner (ATP) status to impart GST training by National Academy of Customs, Excise and Narcotics (NACEN) with Institute of Company Secretaries of India. Technical partners are GST Street and Tax Sutra.
Key issues covered in training programme include, among others:
- Introduction to GST and overview of the model GST law
- Registration Provisions; Time & Supply and Valuation of Goods & Services
- Input Tax Credit; Payment of Tax; Cross Utilization of CGST/SGST/IGST
- GST Returns and Matching of Credit; Refunds
- IT Enablement and ERP Solutions
- Transitional Provisions and GST- Impact Study
- Sectoral Analysis: Manufacturing/Services
Further, a helpline has been initiated where program participants can request for clarifications. In addition, an awareness campaign has been launched to inform industry about the GST processes. CII has prepared “CII has been interacting with all stakeholders including Central Government, state governments, and industry on GST implementation. GST has been finalized after a collaborative and consultative approach and we look forward to its introduction,” added Mr Banerjee. A transformative tax, GST is the most significant indirect tax reform introduced in the country since Independence.