Mr K S Bhatia, founder, PumpKart
Specttrum News: The founder of Chandigarh based Pumpkart.com, K S Bhatia, whose business model of selling water pumps online was appreciated by Google CEO Sundar Pichai, has hailed implementation of Goods and Services Tax (GST).
He thinks the new GST regime will be a boon for start ups as well as e-commerce players.
He said that GST is going to be a game changer for most industries and especially for start ups and e-commerce firms. At present, there is a maze of indirect taxes.
GST will help eliminate the ambiguity that currently exists and will help in building a unified market across India. This historic economic reform is expected to enhance the operational efficiency of the online business space,” said Mr Bhatia.
According to Mr Bhatia, the implementation of GST will streamline the domestic supply chains and remove the compliance burden of contradictory state tax regimes. What’s more, the collection of taxes will become much easier, thus lowering the collection cost.
“Over time, inflation is expected to come down. The implementation of GST will help in increasing the GDP of the World’s fastest growing economy by up-to 2 percent,” added Mr Bhatia
Mr Bhatia feels that with the enhancement in ‘ease of doing business’, FDI will also see a rise.