GST rollout: Google CEO Sundar Pichai has said that he was looking forward to the roll-out of the Goods and Services Tax (GST) from July 1.
GST rollout: Google CEO Sundar Pichai has said that he was looking forward to the roll-out of the Goods and Services Tax (GST) from July 1. Lauding the pan-India tax regime, Pichai said that it has been very difficult thing to do. Pichai, an IIT-Kharagpur alumnus, hoped that it would be just the beginning. He stressed that the roll out showed that one could achieve reform by pushing hard for it. Pichai along with other American CEOs had met Prime Minister Narendra Modi yesterday. After the meeting, Pichai said that the everything had gone well and tangible results were expected to follow.
Earlier this month, Prime Minister Narendra Modi had termed the roll-out as historic and said that the world will witness how political parties of various ideological hues came together to usher in this major reform. PM Modi had said that he was grateful to all those who had contributed towards the formation of a consensus over the tax reform. The Prime Minister said that he was grateful to all the Vidhan Sabhas, Lok Sabha, Rajya Sabha and political parties. “The world will witness a transformation (in India) and how all the political parties of different ideologies united for the implementation of the GST,” he was quoted as saying by PTI.
GST, which was originally planned to be implemented from April 1, was deferred by three months. It will be launched at a grand function in the historic Central Hall of Parliament on the midnight of June 30, according to PTI report.
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The biggest tax reform since Independence will gradually re-shape India’s business landscape by making the country an easier place to do business in and would bring down barriers between 30 states It would unify the USD 2 trillion Indian economy and 1.3 billion people into a single market, as per reports.
GST over the medium to long term is expected to lead to higher revenues for the Centre and the states while also increasing the size of the economy and having a positive impact on the GDP. It is also expected to check tax evasion and in the long run due to a rise in the number of the assesses.