Industry experts opine on the recently passed GST Bill
This is a milestone for Indian economic development and will provide a huge fillip to the growth of manufacturing in the country. Given India is a consumption-driven economy where, unfortunately, the multitude of Indirect taxation increases cost of finished products and encourages imports, this legislation will pave the way for accelerating the ‘Make in India’.
Initiative and lower the final cost for the consumer. It should increase consumption and boost economic growth. In the short term, there would be some anomalies that may increase the cost of finished products in some sectors, but in the long term this would prove beneficial for the industry and consumers and augur well for our overall economic development. The medical equipment industry and Philips India welcomes GST and we look forward to its implementation in early 2017.
– V Raja, Vice-Chairman and MD, Philips India
The GST has been long overdue now and finally it will be a uniform tax regime across the nation. Though there will be a little positive impact on the overall diaper industry if we consider GST rates, but there will be huge savings in the logistics cost due to ease of inter-state movements of goods and if we can save on the transit time, it would be a welcome move. Also, we have to wait and watch for the final roll out and how fast states adopt it to gauge the actual impact on the overall business. Overall it is a good move from the government.”
– Kamal Kumar Johari, Managing Director, Nobel Hygiene
GST will accelerate economic growth. The impact on each sector, however, will be different. The real challenge now will be to have rational GST law and rules to ensure that objective of the GST is met. Equally important is that tax rates should be moderate to avoid inflation
– Nihal Kothari, Executive Director, Khaitan & Co
This is a landmark tax reform and a major milestone for India and Indian industries. We are hopeful that this bill of single taxation for India will boost local manufacturing sector, make products more accessible and affordable for the local market and give a significant boost to ‘Make in India’ especially in healthcare. We expect overall economic development to increase and look forward to the quick implementation
– Rekha Ranganathan, GM, Mobile Surgery, IGT Systems & Head Philips Healthcare Innovation Center