The Indian industry stakeholders on Friday congratulated Prime Minister Narendra Modi-led National Democratic Alliance government on the roll-out of the historic Goods and Services Tax (GST) from midnight of 30 June, 2017, and said industry is fully prepared for it.

"GST is a paradigm for the world in cooperation, consensus and convergence for an economic reform. The Indian GST is unprecedented in model, scale, and technology adaptation and will impart huge momentum to the economy," said Chandrajit Banerjee, Director General of Confederation of Indian Industry (CII).

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"The Prime Minister has led from the front in bringing GST to fruition through his vision of ‘Reform to Transform'. The medium-term impact of GST on macroeconomic indicators is expected to be extremely positive. Inflation will be reduced as cascading of taxes will be eliminated," he said.

Banerjee said tax revenues of the government would go up with expanded tax net, and fiscal deficit would remain under control. "Further, exports would emerge as more competitive in global markets, while foreign direct investment is likely to be encouraged."

"GST is a big bang reform. It is the single biggest economic transformation in India since liberalisation in 1991. It promises to forever change the way business will be done in India, leading to a unified Indian market place and a wider tax base," said Harsh Pati Singhania, Director JK Organisation.

"The government has been careful to see that the majority of the manufactured goods are taxed at a lower or existing rate, thus alleviating inflationary pressures," he added.

Chanda Kochhar, MD & CEO, ICICI Bank, said: "The Goods & Services Tax is a transformational structural reform which will have multiple benefits — the creation of a national market; enhanced ease of doing business; greater productivity & efficiency; and improved tax compliance."

She said all stakeholders are working together for a seamless transition to this new paradigm. This reform will result in benefits for all participants in the Indian economy, including both businesses and consumers.