GST is a major structural reform; impact decisive: ASSOCHAM President

Monday, July 01, 2019

New Delhi, 1 July 2019:
 The Goods and Services Tax (GST) which completes two years today is a landmark structural reform which has been embarked upon by Government led by Hon'ble Prime Minister Sh Narendra Modi, said ASSOCHAM President B K Goenka. 
“Since the GST is a major structural reform, its impact on the economic efficiency may be seen in a gradual but decisive manner. Good thing is that the GST Council has been very receptive about the issues regarding the procedures or the rates, cropping up from time to time. Besides, the decisions in the Council have been with consensus irrespective of different political parties in different states. This clearly suggests that the states and the Centre are on the same page when it comes to GST, which augurs well for further movement," said Mr Goenka in a statement. 
The ASSOCHAM President said the GST collections have also stabilised  in excess of Rs One lakh Crore a month for the last 3 months and " as the pace of economic growth picks up in the next few quarters, the collections are bound to grow. 
He said, along with the GST, other key structural reforms like the Insolvency and Bankruptcy Code and RERA  which were initiated during its first term, would start bearing fruits in the second term. "We look forward to the Budget for giving us a further inside about the governnent's reforms agenda”. 
As for IBC, it has brought a lot of transparency and accountability among the borrowers and the lenders. "It is clear that in most of the cases, both the lenders and borrowers are keen on resolutions of the IBC cases so that the distressed assets can be dealt for the overall health of economy.   


ASSOCHAM initiated its endeavour of value creation for Indian industry in 1920. It was established by promoter Chambers, representing all regions of India. Having in its fold over 400 Chambers and Trade Associations, and serving over 4.5 lakh members across India. ASSOCHAM has emerged as the fountainhead of Knowledge for Indian industry, which is all set to redefine the dynamics of growth and development in the Knowledge Based Economy. More information available on
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