Sanjay Padode quite satisfied with new regulations in business sphere


Author(s): 

Mr.Sanjay Padode, Secretary, Centre for Developmental Education, IFIM Institutions, Bangalore.

With regard to the GST reactions, Mr.Sanjay Padode, Secretary, Centre for Developmental Education, IFIM Institutions, Bangalore is quite satisfied with the new regulations in the business sphere. He has shared his views as below:
“The Federal Structure of our country resulted in a convoluted web of taxes making doing business in India a very arduous task. This web proved to be an advantage for corrupt practices and a deterrent to the growth of interstate trade and business. The long queues at octroi nakas were a constant reminder of the prevalent inspector Raj. The volume of paperwork created by the web of these taxes resulted in the birth of brokers and fixers who propagated corrupt practices to hasten the business process.
The GST is going to be the panacea and it will reduce the friction involved in interstate trade resulting in manifold growth of the business. The GST is expected to be and will be the driver of growth of the Indian economy. The implementation of GST will also shave a few 100 ranks making India as a great place to do business in this world. The GST will enhance transparency, enabling the banks to loosen the purse for awarding more credit at attractive rates of Interest. This will further add fuel to the economic growth and increase the employment opportunities. In my view the implementation of GST will go down in the economic history of India as one of the key reforms taken by the government for making India a superpower in times to come”

Date: 
Friday, May 26, 2017