November 27, 2015

GST India's 'Brahmastra' against global headwinds: Assocham

On the start of winter session of Parliament, new Assocham president, Sunil Kanoria today said it is time lawmakers across parties passed the Constitutional Amendment Bill on GST without further delay.  This would send a strong signal to investors that IndiaĆ¢€™s economy can overcome serious global and domestic challenges with political will.

He said GST can be a "Brahmastra" for the Indian economy against a very difficult global economic scenario, affected by demand slowdown, uncertain geo-political situation after the Paris terror attacks, and an unprecedented crash in vital commodities.

"GST will harmonise 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. Kanoria is the vice chairman and managing director of SREI Infrastructure Finance.

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