Mumbai, July 3: On 1st July India welcomed ‘GST’- the economic reform with wide hands open which will unify the country's 2 trillion dollar economy and 1.3 billion people into a common market. In order to study the impact of GST on industries, Maharashtra Industries department will soon form the committee.
GST was rolled out across the country from July 1. Maharashtra Industries Minister Subhash Desai said the department has decided to form a committee under the Industries Secretary to study the GST impact on industries.
"When the value added tax (VAT) was in place, we used to give incentives to industries in the form of refunds. However, GST has changed the scenario. We have no clue about its impact. So the department secretary will study the entire issue and submit the report over the changes that should be made to make investments in the state easy," said Desai.
Meanwhile, an official from the Industries Department said, the present industrial policy was aimed at generating more revenue through various taxes in place. "However as far as GST is concerned, the tax slabs are same across the country which may not benefit a particular state to gain tax benefits from manufacturing," he said. Now it is the time that we make necessary changes in the policy as we need industries, which are consumer products based," he added.