India Inc for ‘save GST’ |
The trade and industry will mount a joint campaign in what is being seen as an attempt to save the Goods & Services Tax (GST) and ensure that the landmark reform legislation is approved by Parliament.The logjam in Parliament has raised doubts about the passage of the key Constitution amendment bill in the current session to implement GST. If the legislation is not approved in this session, it will delay the planned rollout by April, 2016 of the most ambitious indirect tax regime since Independence. The Confederation of Indian Industry (CII), the Federation of Indian Chambers of Commerce and Industry (FICCI), ASSOCHAM, PHD Chamber of Commerce and Industry and the Confederation of All India Traders (CAIT) have come together to mount this campaign and sensitize the business community about the long term benefits of the mega indirect tax reform. The idea is to spread awareness and the need for GST. It is very difficult to predict how the opposition will react on the GST legislation but the industry wants the legislation to be approved. The government is keen to get the bill approved in the winter session to meet the rollout date of April 1, 2016. It has reached out to the opposition and is scheduled to launch another bid to forge a consensus and ensure the crucial legislation`s passage.
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