New Delhi: Pitching for support from political parties on the goods and service tax, Railways Minister Suresh Prabhu today said the comprehensive indirect tax reform will make India single largest market in the world. "I think one good step which the government has taken is to get GST done but that is only a part of the story. I think the other part I hope my other friends in other parties and others will cooperate so that we can create a single largest Indian market which will be 1.25 billion customers," said Prabhu.
A large market which will be rivalling other markets of the world and therefore India should implement GST, he said at an event organised by Ficci. Lok Sabha has already passed a Constitutional amendment bill for implementation of GST last week after Congress MPs walked out of the house. The main opposition Congress' floor managers in the Rajya Sabha have made it clear to the government that it will not be possible for them to back the bill without referring it to a Select Committee.
Since the government is short of numbers in the Upper House, it is toying with an idea of referring the GST Bill to the Select Committee. The emissaries from the government have already completed their discussions with political parties on the issue. Government is hopeful of support from DMK, SP, BSP, Left and JD(U) on the issue but remains apprehensive that it may become tricky for them to support the bill if Congress plays up the issue of larger Opposition unity.
There are only two working days left in both Houses. Said Prabhu the Indian industry must prepare itself to take advantage from global mega-trade agreements. "We must prepare domestically to change our own markets and our own systems, own procedures to take advantage of this emerging opportunities," he added. He cited example of China as a country that brought changes in its system to join the World Trade Organisation and benefited most even thought it joined the global platform after India. "China is the single largest country which has benefited the most from the WTO. It has become the largest exporter in the world and as a consequence the biggest producer," said Prabhu.
