From 00:00 AM of July 1, 2017, India started a new journey along with a new tax regime under Goods and Service Tax, on which the leading industrialists and top businessmen of the country expressed their support for the sweeping tax reform that is believed to provide a great momentum to the economy of India and attract global businesses to the country. The leading business bodies congratulated the timely arrival of GST, moreover, they also stated that they are completely prepared for the implementation of the new tax regime in India.
Anand Mahindra, the Chairperson and Managing Director of Mahindra Group, Welcomed the arrival of GST along with the splendid words of Jawaharlal Nehru’s speech at the time of India’s Independence. He tweets, “At the stroke of the midnight hour…India will awake” as a common market for the 1st time. To do the obvious is often the most difficult..”
Vijay Shekhar, the founder of PayTm mentioned GST as the biggest reform of India and congratulated Mr Narendra Modi and Mr Arun Jaitley on the successful implementation. He tweets, “Dawn of a new India!Congratulations Narendra Modi, Arun Jaitley and the whole team behind GST. This is the biggest reform for our country.”
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Chanda Kochhar, CEO of ICICI Bank, stated that the GST would enhance the ease of doing business in India and would improve tax compliance. The ICICI Twitter handle tweets “Ms Chanda Kochhar, MD & CEO, ICICI Bank, shares her thoughts on the GST reform & its impact on the economy.”
Chandrajit Banerjee, Director General of CII (Confederation of Indian Industry), an industry body, mentioned the following reforms unprecedented in model and scale. He appreciated the efforts made by the council members of GST in a series of tweets. He stated, “GST is a paradigm for the world in cooperation, consensus and convergence of an economic reform. The Indian GST is unprecedented in model, scale and technology adoption and will impart huge momentum to the economy.”
Moreover, the Twitter handle of CII tweets, “Indian GST is unprecedented in the model, scale, & tech adaptation & will impart huge momentum to the economy.”
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Shobana Kamineni, the Executive Vice Chairperson, Apollo Hospitals Group, tweeted a picture from the GST launching event and termed it “India’s second tryst with destiny”. She tweets, “So proud to witness India’s second tryst with destiny – ushering a historic economic union.”
Kiran Mazumdar Shaw, Chairperson and Managing Director of Biocon, termed the launching as a ‘proud moment’ but expressed concern over the complex structure of GST. She tweets, “GST is a transformational reform with a complex implementation path that will stifle its true potential. We must expedite simplification.”
