Intex Technologies Statement on the benefits of GST by Mr. Narendra Bansal

“Finally India gets united, which was living in a legacy of almost 30 different markets within the country. We were saddled with a plethora of diverse state-level taxes and levies of around 25-30% – or even higher in the case of some sectors. GST will ensure India finally emerges as one common market with an approximate tax rate of around 18%, with no double taxation and no cascading effect of multiple levies.

Being a manufacturing entity, Intex Technologies stands to benefit from a uniform tax regime because this will boost operational efficiencies, increase cost savings and make products more competitive. This will help in a major way to simplify the way we do business and will boost government initiatives on “ease of doing business in India”. The world will now recognise India’s potential and the government’s willingness to take bold steps to boost the economy.

As 1.3 billion consumers across India benefit from lower prices, GST will spur higher consumption and increase the tax base through better compliance with the held of information technology enablement. In the long run, these factors will raise India’s GDP growth by 1 or 2 points, generating millions of new jobs and driving greater prosperity.

I wish all the success to the Indian government for the biggest reform after Independence.”

Feel free to connect in case of any clarification