Goods and Services Tax: Boosting Domestic Corporate Competition
India's Revenue Secretary Hasmukh Adhia expressed confidence in a smooth transition to the Goods and Services Tax (GST) regime, attributing it to the country's multi-point taxation system, which should prevent sudden inflation. He also noted that GST is anticipated to enhance the competitiveness of domestic businesses by establishing an equitable playing field. The new tax structure is expected to particularly benefit local manufacturers by providing a significant boost.
Goods and Services Tax: Boosting Domestic Corporate Competition
Revenue Secretary Hasmukh Adhia conveyed confidence that India's move to the new Goods and Services Tax (GST) system would be less disruptive than in other nations. He attributed this smoother transition to India's existing multi-point taxation framework, which helps mitigate rapid inflationary pressures. During a conference in Gujarat, Mr. Adhia also shared his perspective on how GST could enhance the competitive standing of local businesses.
The implementation of GST is expected to foster a more equitable business environment for all enterprises, consequently providing a significant advantage to domestic manufacturers.
As reported in MoneyControl.