PM Modi, who met US President Donald Trump for the first time, has hailed the increasing “convergence” of US Indian interests and values. Prime Minister Narendra Modi said that the implementation of India’s “complex” goods and service tax (GST) can be studied by US business schools, as they have invited top American companies to invest in the country that has initiated major reforms.
Modi said on Sunday with 20 top US CEOs at the Round Table Conference in Washington on his first meeting with US President Donald Trump that the implementation of GST’s Landmark Initiative can be a matter of study in US Business Schools.
On GST, the Prime Minister said that after the several efforts this is becoming a reality, which is in front of the roll of historical tax reform measures since 1st July 2017.He said that its implementation is a “complex” task and went on to suggest that it could be a matter of future case studies.
Prime Minister had also said in a conversation that the implementation of GST shows that India can take big decisions and implement them fastly. He said this statement with the CEOs of the groups, in which Apple’s Tim Cook, Sunder Pichai of Google, John Chambers of Cisco and Amazon’s Jeff Bezos were involved.
Modi told them that his government is working on principle like minimum government and maximum governance which is completely dedicated to the peoples of the Nation. The PM Modi told about recent reformation and said that only the Central Government has started 7000 reforms.
He said that this indicates India’s quest for global standards. He emphasised the efficiency, transparency, development and benefits for the government for all. After the meeting, Sunder Pichai told reporters that American businesses are excited to invest in India. While appreciating the steps taken by the Indian government in the last three years, he said that American companies are hoping to roll out of GST.
Tim Cook also said “Good,” when he emerged out of the meeting. President of United States-India Business Council (USIBC) Mukesh Aghi said that the CEOs praised the reforms made by the Indian Prime Minister and stressed on his efforts to make India, a business-friendly destination.
Prime Minister Modi also said that if America becomes stronger, then India will be a natural beneficiary. Apart from this Prime Minister Modi also said that India believes that a strong America is better for the world. He attracted more attention from CEOs in women empowerment, renewable energy, initial and innovation.
He suggested adding sanitary practices, products and techniques to the needs of school going girls. He repeated that his main interest is improving the quality of life in India. Concerned as the biggest taxation reform since independence. GST will unify sixteen different types of taxes including excise duty, VAT and service tax. It converts India into a single market for uninterrupted movement of goods and services.
The powerful GST Council, which is involved in the Center and States, recommended a four-level tax structure – 5, 12, 18 and 28 %. Above the highest slab, a cess will be levied on luxury and defective items to compensate the states for revenue losses in the first five years of GST implementation.
GST rates will be depended on whether the commodity uses by a rich person or a common man. States and Union Territories GST Laws has passed by all the states and Union Territories of India except J&K (Jammu and Kashmir) from 1st of July 2017. So, make the tax path smooth with GST.