Finance Minister Arun Jaitley recently recently said that Goods and Services Tax (GST) is the need of the hour and would be a game changer once it gets Parliament’s nod, joining the pitch is JSW Steel’s Managing Director & Chairman Sajjan Jindal. Jindal told CNBC-TV 18 that GST will not only be a game changer but will also boost ease of doing business. “GST will be a game changer and will also boost ease of doing business”. The Goods and Services tax is one of India’s major indirect tax reform. This would have a considerable effect on production and distribution of goods in the country. Aimed at bringing a transparent system of tax administration, the GST bill will break the tax barriers across India. On Tuesday, the government circulated official amendments to the Bill which included, dropping the additional 1 per cent tax and a definite provision in the statute for compensating states for revenue loss for 5 year.
Contrary to what Jindal & Jaitley are saying, Subramanian Swamy last month said, the passage of the bill facilitating the Goods and Services Tax (GST), being hailed as the biggest indirect taxation reform, will ‘not benefit’ the economy significantly. “I don’t think GST is going to be a game-changer. If it comes, it is ok. If it doesn’t come also it is ok,” he said in Mumbai. As the Congress with 60 members in the 244-member Upper House is set to support the Bill, its passage now looks almost certain.