Washington: The US has welcomed passage of the landmark Goods and Services Tax (GST) bill in India, expecting that it would increase benefit for expanding bilateral trade and investment partnership with India.
“We welcome the passage of the landmark Goods and Services Tax (GST) Bill,” State Department spokesperson Elizabeth Trudeau told PTI.
Trudeau was answering to question on the passage of GST bill by Indian Parliament, It “has potentially far-reaching benefits for the Indian economy and our expanding bilateral trade and investment partnership with India, including greater efficiencies and inevitability in its tax regime”,
Richard Verma, the US Ambassador to India congratulated the Prime Minister and Parliament on passage of the GST bill. He tweet, It is “an important reform and boost to growth in India”,
It was a historic step for tax reforms in the country, when Indian Parliament passed the GST Constitution bill.
“Passing the Goods & Services Tax bill is one of the biggest tax reforms ever in India,” said Puneet Manchanda, professor of marketing at the Ross School of Business at University of Michigan.
He said, “It has the potential, after an initial period of practical development, to accelerate the economy’s growth significantly,”
Manchanda said, “This should be seen as a win for economics over politics, a very refreshing change from the norm. This could very well be a defining economic moment for the Modi government,”
Vikramaditya Khanna, professor at University of Michigan Law School said, “The enactment of the GST in India heralds one of the most significant post-Independence reforms making doing business in India easier and facilitating the easier flow of goods and services across states,”
He said, “It is likely to increase GDP by 2% in India, which is already one of the fastest growing economies in the world,”
Richard M Rossow, the Wadhwani Chair in US-India Policy Studies at the Centre for Strategic and International Studies said, “Passage of the GST bill will leads to boost Narendra Modi’s reliability as a reformer and as a manager of Parliament. Introduction of the GST will boost economy but surely improvement over the existing method of taxation,”