On the eve of the winter session of Parliament, which began on Thursday, new Assocham President Sunil Kanoria said it is time lawmakers across parties passed the Constitutional Amendment Bill on GST without further delay.
Terming the Bill a “Brahmastra” he said that early passage of the crucial legislation would send a strong signal to investors that India’s economy can overcome serious global and domestic challenges with political will.
“GST will harmonize indirect taxes by doing away with multiplicity of taxes. It will also reduce cost of production, which will be then passed on consumers, thus lowering inflation. More striking would be the display of a political unity and the will to rise up to national cause. That will be a great positive for revival of investment, both domestic and international, something most needed at this point of difficult international times,” Kanoria said in his maiden media interaction.
Assocham expects India’s GDP to grow by 1 to 1.5 percent by GST alone, going up to 9 percent by 2018-19 from the present estimated 7.3 percent if the government gives massive thrust to infrastructure development.
“The stipulation of additional one percent duty should not be imposed and the GST should help country to make one India rather than divide India,” Kanoria said.
While replying to a question on the raging issue of supposed ‘intolerance,’ the new president said that the very fact that we are tolerating the intolerance itself is an adequate proof to say that India is a highly democratic and tolerant country.
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