Giving a thumbs up to the passage of the important GST Bill, Vallabh Bhanshali, Chairman of Enam Securities has said that India is in position where reforms will have a far reaching impact. “Long term FDI will now look at India and this also creates more possibilities for big job creation ahead,” Bhanshali told ET Now. Bhanshali is of the view that the ongoing Monsoon session of the Parliament has been productive. “Many aspects of GST are important. With the bill’s passage, the partial journey is complete. But, this is a momentous occasion for India,” he said.
Markets and industry have been cheering the passage of GST Bill. Goods and Services Tax, or GST, is one of the biggest tax reforms that is all set to be introduced in the coming year. While FM Arun Jaitley has been non-committal about the date of implementation of GST, the deadline is April 1, 2017.
Also read: GST Bill passed: One Country, One Tax!
Late on Wednesday night, the Rajya Sabha passed the GST Bill, with 203 MPs voting in favour of the bill. There was no vote against the GST Bill as AIADMK had already staged a walkout. “On this truly historic occasion of the passage of the GST Bill in the Rajya Sabha, I thank the leaders and members of all parties,” PM Narendra Modi tweeted after the bill was passed. “Our MPs must be congratulated for their path breaking decision to give India an indirect tax system for the 21st century,” the PM said while adding that the reform will give an impetus to Make in India, exports and boost employment prospects in the country.