Ushering in GST to benefit Indian economy and exports: FIEO president, S C Ralhan

Ludhiana/New Delhi, August 4, 2016: Welcoming the passing of the Constitutional Amendment Bill paving the way for introduction of Goods & Services Tax (GST), Mr S C Ralhan, President, Federation of Indian Export Organisations (FIEO) said that GST is the most revolutionary tax reform ever undertaken in the country. GST will not only add to the GDP of the country but will also lessen the incidence of tax thereby increasing the demand and propelling manufacturing. President, FIEO said that the GST bill and other related bills will be passed soon and he expect GST will be introduced as early as April, 2017.
President, FIEO said that the Draft GST Model Law has few concerns for the export sector which has already been flagged for their remedial action. He reiterated that exemption on the final export products should continue else it will lead to problem of working capital particularly for MSME units. Mr Ralhan expects that the GST will provide rebate of other State taxes in addition to VAT which is presently covered under the refund mechanism by the State.