India Inc, which will possibly benefit the most from the introduction of Goods and Services Tax, welcomed the rapid progress on this key reform even as it pointed out certain shortcomings that it hoped would be addressed over a period of time.
Industry has called for a centralised registration system under GST, while flagging concerns around the burden of complexity that could arise due to multiple registrations for supply of goods and services in each state. “Businesses in the services sector such as telecom, banking, insurance, airlines, ecommerce undertake pan-India operations. Meeting requirements of each state through different registrations, audits and compliances would be a massive task,” said Confederation of Indian Industry President Naushad Forbes. On the four-tier rate structure that was unveiled on Thursday, the CII suggested that over time the government converge those into one or two rates.