As Parliament Monsoon Session starts Today, ASSOCHAM appeals to Political Parties to come on board on GST Bill
ASSOCHAM states:
At this point of time when the macroeconomic risks like rebound in inflation both at the CPI and WPI barometers and continuing slowdown in the industrial growth along with global geopolitical headwinds are rising, the passage of the GST Bill can be a strong antidote for any such negative news flow.
While the implementation of the law would still be far away since ratification of at least half of the State Assemblies would be required, the main hurdle remains in the Rajya Sabha where the composition of the House strength is fractured, making it imperative for a wider political consensus on the issue.
The good part is that the Congress Party has been showing inclination to come on board. We appeal to the principal Opposition to leave aside its wider political difference with the government and support the most important tax reform for the country.
The GST alone can add to the Gross Domestic Product by at least 1.5 percentage points. Moreover, the kind of sentiment lift it would create would be phenomenal for the global investors both in the financial markets as also the inflows through the foreign direct investment with the positive consequences on a whole lot of parameters like current account stability also reflected in the currency movement.