The largest cooperative federation of India IFFCO has lauded the passage of GST bill by the Rajya Sabha on Wednesday and called it historic. GST had hit a parliamentary brick wall.
Its passage means India will be a unified market with varying taxation of different states giving way to a standard taxation procedure. It is being held as the greatest piece of economic reforms after 1992.
Lauding Prime Minister Narendra Modi and Union Finance Minister Arun Jaitley IFFCO MD Dr US Awasthi said simplified economic reforms would lead to greater business.
His tweet on the issue read “Congratulations to PM @narendramodi @arunjaitley for passing of #GSTBill. Simplified Economic reform 4 better business & #TransformingIndia”.
The passage of Goods and Services Tax (GST) is a significant step in the reform of indirect taxation in India. Amalgamating several Central and State taxes into a single tax means avoiding a cascade tax and ensuring a common national market. The simplicity of the tax system would lead to easier administration and enforcement.
From the consumer point of view, the biggest advantage would be in terms of reduction in the overall tax burden on goods, which is currently estimated at 25%-30%.