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GST: What business leaders have to say

LiveMint logoLiveMint 30-06-2017 Livemint

New Delhi: While there are only a couple of hours left for the rollout of goods and services tax (GST), here is how top business leaders reacted to the new tax reform. Their reactions have been a mixed bag of apprehension, confusion, excitement and satisfaction.

Kumar Mangalam Birla

“GST is a structural move in the right direction.”

Apprehending chaos in the initial months, Kumar Mangalam Birla, chairman of Birla Group, said it could take a few months to settle down. “It is another one of the government’s fundamental shifts which are all very well thought through... It will make us a much more robust economy,” said Birla.

Chanda Kochhar

“The most important report.” Chanda Kochhar, managing director and chief executive officer, ICICI Bank, has been supportive of the GST Bill, which she referred to as the most important reform in indirect taxation in India ever. “The Goods and Services Tax (GST) Bill is the most important reform in indirect taxation in India ever,” Kochhar said.

Sachin Bansal

“India’s reverse Brexit moment.” Flipkart head Sachin Bansal believes that the e-commerce industry believes GST is one of the most forward-looking tax initiatives and will have a transformative impact on the sector.

Kiran Mazumdar-Shaw

“Complex tax structure.” Biocon chairperson Kiran Mazumdar-Shaw has expressed disappointment at the multi-tiered approach of GST, but at the same time called it a unique game changer.

“The tragedy is we needed a true change not a sham in the name of GST where old tax structure is merely repackaged,” she said.

Anil Ambani

“Liberation of Indian economy.” Reliance Group chairman Anil Ambani referred to 1 July as the day of “economic freedom”. Referring GST as the liberation of our economic imagination, Ambani called the generation privileged to go ahead with economic reform.

Rahul Garg

“Easy and simple technology to help Indian industry.” The founder of Moglix, a B2B (business to business) commerce start-up has been supportive of the government’s GST bill. “Taxation and compliance has been a long-standing pain point in the ecosystem where easy and simple technology will help Indian industry scale up significantly, to compete in the global arena,” said Garg.

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