GST is a long-awaited and good move by the government: Madhavan' MD, Peps

The Rajya Sabha has passed the Goods and Services Tax (GST) bill and it looks like GST will soon become a reality, easing business in India while decreasing revenues for others. Mr.Madhavan' MD, Peps is of the opinion that the GST is a long-awaited and good move by the government. He says," We will now have one market for all of India and it is a composite taxation for goods & services. We are sure our category will certainly fall in the GST bracket,though some industries seem to be out of GST. When compared to services I am informed that manufacturing has more advantages and manufactured goods will go less expensive. Currently we are paying closure to 27% tax in an average; while the minimum stipulated tax looks like 18%. Our volume sales are bound to go up and consumers will also benefited immensely. Much more than anything the complicity in the taxation working will be easy. I am keeping my fingers crossed until the GST council is set up and their actual recommendations are submitted to the finance ministry. From the consumer perspective and that of the nation as a whole it is a boon."