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Industry ready for GST introduction from July 1: CII

CII has been calling for a single national tax for a decade and it will help make GST implementation as smooth as possible. Shobana Kamineni, President, Confederation of Indian Industry (CII) says the Industry is completely ready for the introduction of the Goods and Services Tax (GST) bill, a landmark tax reform expected to be rolled out from July 1.

The reform agenda has picked up with substantive policies such as GST, insolvency and bankruptcy norms, FDI liberalisation and ease of doing business being implemented. Conditions are positive for an economic recovery in the current year, with GDP growth expected to lie in the range of 7.5-8 per cent. Kamineni while addressing the media said while there are many opportunities available in India, further strengthening of the growth process and job creation is on the horizon.

Going forward, it is possible to target 1 per cent additional growth each year to reach 10 per cent in the next three years. She said that it is possible to create 5 million jobs each year, if the GDP growth rate can be boosted by an extra 1 per cent. CII's analysis shows as of now, it is creating about 3.7 million jobs annually. 10-12 million people enter the working age population every year. Of these, about half actually do not look for jobs as they prefer to go into education or other activities. CII's intensive skill development activities are ongoing and are designed to enhance the employability of the workforce continued Kamineni.

CII would continue to request the government for quick action in reducing corporate income taxes for all corporates. This has become urgent given the lowering of tax rates across many other countries. The 25 per cent rate is currently applicable only for companies with a turnover up to Rs 50 crores. Eventually, the corporate tax rate could be brought down to 18 per cent together with the removal of all incentives.

 
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