GST can boost India's economy by two percentage points - Assocham
ASSOCHAM has outlined an action plan for the new Government. It wants the new Government to expedite land acquisition and environmental clearances for mega projects by setting up a joint task force comprising central ministries like environment, finance, administrative along with the States which can take decisions with a specific time-frame, cutting delays.
Implementation of Goods and Services Tax (GST) can boost India's economy by up to two percentage points and replace existing state and central levies with a uniform tax, boosting revenue collection while cutting business transaction costs.
The Chamber wants cut in excise and Service Tax rates, restoration of the SEZ policy to its original form and greater tax incentives in case of demerger or amalgamation of companies. It also wants the Government to remove tax uncertainty in the minds of foreign investors.