India Implements GST on July 1
TORONTO, June 30, 2017 /CNW/ – Excel Funds Management Inc.: In a groundbreaking move, India rolled out its Goods and Services Tax (GST) on July 1, 12:00 AM, IST.
The tax has replaced over 16 individual state and federal taxes with a single federal tax, enhancing the efficiency of production and movement of goods and services across Indian states. It has also facilitated greater transparency among taxpayers, businesses and the government and has turned India into a unified market for global trade.
“Most importantly, the GST will provide a big boost to India’s economic growth,” says Bhim D. Asdhir, President and CEO of Excel Funds Management Inc. “According to the IMF, the implementation of the GST will help raise India’s medium-term growth to above 8%,” he adds.
The GST is another major achievement of the Narendra Modi government which is committed to improving the business environment, simplifying business processes and increasing transparency in India. Its implementation comes on the back of the demonetization of large value currency notes last December, with the aim of curbing the underground economy.
GST is a shining example of cooperative federalism. pic.twitter.com/5pHw6hrCW5
— Narendra Modi (@narendramodi) July 1, 2017
“Game changing reforms under the Modi government have not only improved the business environment but also contributed to stronger economic growth and an increase in foreign investment in India,” says Asdhir. “Together, these factors have benefitted the stock markets and consequently Excel’s India-focused funds.”
Excel currently offers three India-focused funds: the Excel India Fund, the largest and longest-running India-focused mutual fund in Canada, the Excel New India Leaders Fund, and the Excel India Balanced Fund.
