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Industry satisfied with GST implementation: CII survey
New Delhi, July 1 (IANS) Indian industry considers the Goods and Services Tax (GST)a step in the right direction and a majority are satisfied with its overall implementation, the Confederation of Indian Industry (CII) said on Sunday citing its own survey.
Releasing a survey of over 200 businesses on the the first anniversary of the roll out of
of GST, CII said that 83 per cent of respondents saw the new indirect tax regime a step in the right direction and 65 percent are satisfied with its overall implementation, despite some teething problems.
“A year into the implementation of GST, there is great optimism among businesses about the impact of GST on the economy. Satisfaction was high across the spectrum on GST implementation issues as well,” a CII statement said.
GST implementation led to increased efficiency for businesses by reducing their transportation time, on account of absence of state barriers, the report said.
“GST has had a moderating impact on retail price inflation, which may have risen to higher level without the new tax regime,” CII Director General Chandrajit Banerjee said in the statement.
One-third of the survey respondents witnessed a downward movement in the wholesale prices of their supplies, while nearly 30 percent saw a fall in the retail prices of supplies. A majority of respondents witnessed no change in their supply prices.
“The survey also indicates a positive impact of GST on employment as well as on the demand for goods and services. Given that it is the biggest tax reform of independent India, one must compliment the government on its efficient and transparent administration despite some ‘teething problems’,” Banerjee said.
On product coverage under GST, a majority of 87 per cent of respondents said the products manufactured by them have been listed or classified under GST, and were largely satisfied with the tax rates and the exemptions provided on the supply of goods and services.
According to the report, many businesses reported satisfaction with the process for payment of taxes and interest under the GST and felt that the maintenance of records is also simpler.
Respondents also showed a high level of comfort with the provisions on valuation.
“The survey has confirmed the fact that filing of returns and payment of tax is much easier and simpler under the new regime, as also the maintenance of records,” Banerjee said.
Regarding demand, 78 per cent of the respondents witnessed either an increase, or no change, in the demand for goods post-GST implementation, while the same figure was 90 per cent for services.
The survey was based on responses from over 200 firms of different sizes, with 46 per cent having an annual turnover of over Rs 100 crore, 29 per cent with a turnover between Rs 5 crore to Rs 100 crore, 11 percent have a turnover of between Rs 1.5 crore to Rs 5 crore and 13 per cent are with a turnover of less than Rs 1.5 crore.
At an event here earlier on Sunday, Finance Secretary Hasmukh announced that the GST revenue collection in June at Rs 95,610 crore was higher than the average monthly collection of Rs 89,885 crore during 2017-18.
The collection in May amounted to Rs 94,016 crore.
–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma
World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.
Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.
During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.
On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”
Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.
It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.
Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.
Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”
On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”
The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.
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