Thursday, March 23, 2023

CII welcomes release of the Model GST law


Jamshedpur, June 15: The Confederation of Indian Industry (CII) has welcomed the central government’s latest move on GST (Goods and Services Tax).

“CII is greatly enthused by the outcome of the meeting of the empowered committee of state finance ministers held on Wednesday and welcomes the release of the Model Goods and Services Tax (GST) Law.  

This is indeed a step forward in implementation of the much awaited GST, and will encourage industry to think that GST may become a reality after the coming Monsoon Session,” said Chandrajit Banerjee, Director General, CII.

“We look forward to the positive movement and with these initiatives, it is expected that implementation of GST with effect from April 1, 2017 will become a reality. GST is India’s most significant tax reform in decades.

GST, when implemented, is expected to usher in a harmonized national market of goods and services and shall lead to a simplified, assessed-friendly tax administration system.

Once implemented, it will subsume most of the country’s central and state level duties and taxes, thus making the country a national market and contribute significantly to the growth of the economy,” Banerjee further commented.

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