CII bats for GST, stimulus measures

The Confederation of Indian Industry (CII) has recommended that the government implement the Goods and Services Tax (GST) as early as possible, and introduce a slew of fiscal and monetary stimuli to peg the economy from going into a slowdown slide.

The Confederation of Indian Industry (CII) has recommended that the government implement the Goods and Services Tax (GST) as early as possible, and introduce a slew of fiscal and monetary stimuli to peg the economy from going into a slowdown slide.

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“India’s GDP growth rate of 6.5% is the worst in nine years... to get a better growth, we must have reform-oriented policies, for which we should have GST in place at least by 2013,” CII president and chairman, Godrej Group said here on Friday.

He said the biggest reform would be the implementation of GST, which the CII feels would add two percentage points to Indian GDP growth rate.

Based on a syrvey in association with ASCON, the CII has asked the government to provide fiscal and monetary sops.

“CII has sent a set of recommendations to the government ... if reforms are not brought in, there will be a severe ill-effect on employment,” Godrej told reporters on Friday. v