GST is a major structural reform; impact decisive: Assocham president

MANGALURU: The Goods and Services Tax (GST) which completes two years on July 1 is a landmark structural reform which has been embarked upon by government led by Prime Minister Narendra Modi, said

Assocham president

B K Goenka.


“Since the GST is a major structural reform, its impact on the economic efficiency may be seen in a gradual but decisive manner. Good thing is that the GST Council has been very receptive about the issues regarding the procedures or the rates, cropping up from time to time. Besides, the decisions in the Council have been with consensus irrespective of different political parties in different states. This clearly suggests that the states and the Centre are on the same page when it comes to GST, which augurs well for further movement," said Goenka in a statement.

The

Assocham

president said the GST collections have also stabilised in excess of Rs 1 lakh crore a month for the last 3 months and " as the pace of economic growth picks up in the next few quarters, the collections are bound to grow.

He said, along with the GST, other key structural reforms like the Insolvency and Bankruptcy Code and RERA which were initiated during its first term, would start bearing fruits in the second term. "We look forward to the Budget for giving us a further inside about the government's reforms agenda”.

As for IBC, it has brought a lot of transparency and accountability among the borrowers and the lenders. "It is clear that in most of the cases, both the lenders and borrowers are keen on resolutions of the IBC cases so that the distressed assets can be dealt for the overall health of economy."

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