Budget 2016: Glimmer of hope for GST?
The indirect tax announcements in the Budget are expected to be indicative of things to come by way of introduction of measures attempting to create synergies between the present indirect tax regime and GST. To begin with, the Central Value Added Tax (CENVAT) credit mechanism needs to be rationalised by reintroducing the concept of input services used in the business to achieve the fundamental proposition that burden should not rest on businesses where tax is on final consumption.
Source: The Economic Times dated 9 February 2016
India needs to remove impediments for implementing Make in India, GST, says Chanda Kochhar
India must remain focused on executing various ambitious programmes like Make in India and strengthen the institutional framework, ICICI Bank Ltd Chief Executive Officer Chanda Kochhar has said while underlining that the implementation of these campaigns is going to be a ‘big test’ for the country. "Whether it is the bankruptcy code, whether it is the speed at which our parliamentary system works, things like GST Bill is yet to be passed, so we have to really improve our institutional framework," she said.
Source: Firstpost dated 8 February 2016
GST number one issue for Swedish companies in India
GST in India is the biggest issue for Swedish companies in terms of investment, said Harald Sandberg, Ambassador of Sweden to India, ahead of Swedish Prime Minister Stefan Lofven's maiden visit to the country next week. "Companies will always have a long list of what they will want to see in terms of ease in doing business. The one big thing which has often come up in our discussions is the implementation of the GST," Sandberg said in an exclusive telephonic interview with the Times of India.
Source: The Times of India dated 6 February 2016
IMF hopes India will implement 'critically important' reforms including GST
Bullish on India, the International Monetary Fund (IMF) Managing Director Christine Lagarde has hoped that the government would be able to implement a series of "critically important" economic reforms including GST for unleashing the country's growth potential.
Source: DNA India dated 5 February 2016
GST will become a reality soon, reiterates Finance Minister Arun Jaitley
“GST has been supported by most political parties and I am sure others will also see reason and this law will become a reality very soon,” Finance Minister Arun Jaitley said while inaugurating the two-day India Investment Summit in New Delhi.
Source: The Indian Express dated 4 February 2016
Did you know?
Talk of implementing GST in Malaysia started in 1992. It was finally implemented after 22 years of deliberation in 2015.