Goods and Services Tax will help domestic firms to more competitive

Vastavam web: Revenue Secretary Hasmukh Adhia is hopeful of a smooth transition to the GST regime and says it will help domestic firms to become more competitive apart from streamlining the taxation for all business activities.”Unlike in other countries, the transition to the new tax regime would be smooth here because there are multiple points of taxation in the country. Hence, the possibility of sudden spurt in inflation is remote,” said Adhia, who is spearheading the implementation of the Goods and Services Tax.Explaining GST’s importance for giving a boost to the manufacturing sector, he said, “Cascading taxes along with non-availability of input credit meant that domestically produced goods found it harder to compete with imported ones.
“GST is a multi-point tax on value addition with seamless input tax credit,” he said.”There will be a level playing field for all and this will benefit the domestic units,” Adhia said.Eight state Assemblies have passed the State Goods and Services Tax (SGST) Bill since the beginning of April.