Budget 2014: Announcement of GST a welcome move for e-commerce industry

NEW DELHI: The announcement of uniform GST by Finance Minister Arun Jaitley was a welcome move, said Sundeep Malhotra, Founder & CEO of HomeShop18. "The uniform GST will play a crucial role to make e-commerce a success story in India," said Sudeep Malhotra.

"We welcome the decision of Uniform GST and tax measures that will play a crucial role to make e-commerce a success story in India. The move will certainly simplify the tax structure and make India one single common market by rationalizing the supply chain and thereby, offering better value," Sundeep Malhotra, Founder & CEO, HomeShop18 said.

Also, the importance given to rural infrastructure will ease pressure and allow faster movement of goods.

"We hope to see a continued growth in both e-commerce and m-commerce with the Government looking at launching broadband connectivity across the country," he added.

GST is expected to simplify and streamline the indirect tax regime. It contains all the indirect taxes levied on goods - including central and a state-level taxes. For the taxpayer, it will mean less paperwork and could actually translate into a lower tax burden, as it would remove distortions from the system.

Looking to pull the economy from its dire straits, Finance Minister Arun Jaitley in his maiden Budget speech said, "We are aiming for a 7-8% GDP growth in 3-4 years."

"The steps I will announce are only a beginning towards 7-8% growth to be achieved in the next few years," Jaitley said. "We look forward to lower levels of inflation. The country is in no mood to suffer from unemployment. Continuing slowdown has posed threat to global economy. There are green shoots of global growth that are emerging," Jaitley said. Jaitley began his speech by saying, "The people of India have voted for a change. India unhesitatingly desires to grow."

According to Jaitley, the Budget 2014 is only a step in the direction of economic recovery. Jaitley said, "We shall leave no stone unturned in creating a vibrant India."