The most important reform will be delayed due to political interruptions as per CFOs of India. According the Yes Bank survey, around three fourths of CFOs have told that the crucial Goods and Services tax might be levied by next fiscal.
In the survey, more than 100 Chief Finance Officers had participated. The Finance Minister, Arun Jaitley had repeated his statement at Columbia University last month in New-York, while addressing students that one of the most crucial reforms of India was a top priority for BJP government. But the Congress party did not want to pass the GST bill in Parliament.
GST is a crucial system in India that will create a single market for more than a dozen state levies. The Goods and Services tax will be applied from 1st April, 2016. According to the proposed GST, the Central and State government will be concurrently levied taxes for goods and services supplied in a state.
Speaking on the survey, MD and CEO of Yes Bank, Mr. Rana Kapoor said, “The much anticipated Goods & Services Tax will be a game changer for the Indian economy. The new tax regime can lead to efficient resource allocation within the economy, improve tax compliance and positively impact GDP growth.“
