Hope GST will simplify our lives: TV stars support Modi govt’s new tax reform
GST, which is expected to transform the world’s fastest growing major economy into a single market for the first time, rolls out on Saturday. Bhabhiji aka Shubhangi Atre, Niti Taylor, Akshay Mhatre and other TV stars share their positive views on GST.Updated: Jun 30, 2017 15:28 IST
India is all set to roll out the most ambitious reforms in decades - the long-awaited Goods and Services Tax (GST). GST , which is expected to transform the world’s fastest growing major economy into a single market for the first time, rolls out on Saturday, July 1.
Bhabhiji aka Shubhangi Atre, Niti Taylor, Akshay Mhatre and other TV stars share their positive views on the tax reform:
Shubhangi Atre: I hope GST will bring in a simpler tax regime, reduce multiplicity of taxes, and usher in simplified and automated procedures for various processes like registration, returns, refunds and tax payments.
Niti Taylor: I think GST can boost exports by making Indian goods competitive in global markets. Exports will be treated as zero rated supplies which means no tax will be payable on exports of goods or services. However, exporters can claim input tax credit.
Akshay Mhatre: Goods and Services Tax is expected to boost India’s GDP by 1.5-2 per cent over the long term. I hope GST will deliver significant benefits by improved taxation efficiency and ease of doing business, and will convert India into one common market.
Sara Khan: I am happy that once GST is implemented, consumers will not be subjected to the burden of double taxation; which means that all taxes will be levied at the time of purchase will include both the central government’s taxes as well as the state government’s taxes. The move would deter state governments from indiscriminately increasing taxes. I’m sure we will be benefited.
Devoleena Bhattacharjee: I am happy about government introducing GST because eventually an idea that you believe is good for the Indian economy is going to roll out.
Manish Goplani: In the current regime, tax rates vary from state to state. So companies often choose warehouses for their inventory based on tax considerations. Under GST, the country will move to ‘One Nation, One Tax’ regime, giving companies freedom to set up their own warehouses to optimise cost and improve customer service.
Amrapali Gupta: GST is good idea! It brings hope for a better future. Under the new taxation regime- fruits, vegetables, pulses, wheat, bread and rice are exempted from taxation even as chips, biscuits, butter, tea and coffee are attracting higher taxes. So, that will bring a positive change in our health as well.
Manu Punjabi: GST is very good Idea rolled out by Indian government. From the consumer’s point of view, the biggest advantage would be in terms of reduction in overall tax burden on goods. For businesses, it means reduction in a multiplicity of taxes and a much simpler tax regime with fewer rates and exemptions. I hope things will only be better.
Mitali Nag: Manufacturing in India will get more competitive as GST addresses cascading of tax, inter-state tax, high logistics costs and fragmented market. There will be increased protection from imports as GST provides for appropriate countervailing duty. I am hoping for a better and developed India.
Yash Sinha: I hope life will get simpler for us Indians as GST will replace 17 indirect tax levies and compliance costs will fall.
Mahika Sharma: GST is one of the biggest fiscal reforms in India since Independence. I am happy that our country is moving towards a bright future. State restrictions and levies have complicated e-commerce. Some sellers do not even ship to particular states. My family at Tinsukia sometimes faces such issues. But now all this will end with GST.
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First Published: Jun 30, 2017 15:15 IST