more-inGlobal ratings agency Moody's on Sunday said the Goods and Services Tax (GST) regime will be positive for India's credit profile as it will contribute to productivity gains and higher GDP growth as well as support higher government revenue generation through improved tax compliance. Meanwhile, premier industry body Confederation of Indian Industry (CII) said the Indian industry is prepared for the roll-out of the GST, adding that the regime will contribute to ease of doing business and accelerate new business ventures. The CII president said the GST is based on self-compliance with the input tax credit as a powerful incentive to businesses to step into the tax fold. “Input tax credit will curb inflation by avoiding tax-on-tax. We believe that most businesses would pass on the benefits of input tax credit to consumers so that inflation would be curbed,” she said.

Source: The Hindu July 02, 2017 12:07 UTC