CII calls for ”GST 2.0”, tax rationalisation

Stating that the Goods and Services Tax (GST) had been a “huge success”, industry body Confederation of Indian Industry (CII) on Saturday called for implementation of its next version. The call for further evolving GST comes as it completes two years in operation.

“The Indian model of dual GST is unique in the world andrepresents a paradigm of partnership between the Central and state governments,and between the government and the industry,” CII President Vikram Kirloskarsaid.

   

According to CII, India, with a strong federal polity,managed to get two GSTs to flow together in a unique structure which was notseen in other countries and one which succeeded without many hiccups.

“The GST Council is proactively examining all issues facingthe industry and providing solutions. GST 2.0 will take the Indian economy tothe next growth level,” Kirloskar said.According to the industry body, furtherrationalisation of taxes and simplification of registration process amongothers will usher in GST 2.0.

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