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 and represents a paradigm of partnership between the Central and state governments, and between the government and the industry,” CII President Vikram Kirloskar said.
According to CII, India, with a strong federal polity, managed to get two GSTs to flow together in a unique structure which was not seen in other countries and one which succeeded without many hiccups.
“The GST Council is proactively examining all issues facing the industry and providing solutions. GST 2.0 will take the Indian economy to the next growth level,” Kirloskar said.
According to the industry body, further rationalisation of taxes and simplification of registration process among others will usher in GST 2.0.