With the Centre and states reaching a consensus on key GST issues yesterday, the PHD Chamber of Commerce and Industry today termed the development as "encouraging" and said the roll-out of the indirect tax regime will attract foreign investment and create more jobs.
Stressing that the Goods and Services Tax (GST) would prove to be a game changer for the economy, the industry body said the end of logjam will boost business sentiments with the removal of cascading effect on taxation.
In a major breakthrough in the implementation of India's biggest tax reform, the deadlock over administration of GST was broken yesterday after the Centre agreed to allow states control over most of small taxpayers. However, the roll-out date was pushed back by three months to July 1.
"GST will enhance production possibilities, attract foreign direct investment and increase employment opportunities in the economy. The success of the Centre and the states to work out a formula for distribution of power between them to assess taxpayers is encouraging," PHD Chamber of Commerce President Gopal Jiwarajka said.
He said its implementation would be a major game changer for the economy and accelerate the economic growth.
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