Naresh Dhoundiyal Commends GST for Boosting Business Growth

Delhi/NCR, Sep 16, 2024:  Naresh Dhoundiyal, a prominent businessman and philanthropist of par excellence, supports the regime of Goods and Services Tax (GST) that was implemented in India. Being the head of the Sri Sai Group of Companies—principally a real estate company—Mr. Naresh feels that this GST is one such policy that brought clarity and efficiency into the business domain and overall economic growth of the country. 

Simplification of Taxation

According to Naresh Dhoundiyal, one of the important benefits is that the taxation process has become simple. Businesses used to come under different taxes like VAT, Service Tax, and Excise Duty, before the implementation of GST. This always created confusion and led to increased paperwork and higher costs. Now, with the implementation of GST, these multiple taxes have been rolled into a single unified tax structure. This not only has eased compliance; the reduced administrative burden to businesses allowed shifting a greater emphasis toward growth and innovation.

More Transparency, Better Compliance

Mr. Naresh also suggests that, with GST, business operations have attained new heights of transparency. This was lacking in the previous tax regime, as uniformity and transparency were missing, thereby leading to ambiguities and hence problems in tax compliance. GST introduced a uniform tax rate all over the country and put businesses on an even platform. Therefore, the scope of tax evasion has been reduced, and more businesses are brought into the tax ambit. 

As far as the real estate sector is concerned, Naresh Dhoundiyal considers GST to be a game-changing factor. At present, due to GST, the real estate industry, which was burdened by various indirect taxes, also derives its positive effects in terms of uniformity and input tax credits. This reduced not only the overall cost of construction but has also made property pricing transparent to the consumer. Due to this, the confidence of homebuyers has surged in buying a house, knowing that the pricing is justified with no hidden taxes attached.

Positive Impact on Economic Growth

On the effect of GST, Dhoundiyal says it has impacted more than just individual business enterprises; it has impacted the economy at large. Indeed, an expanded tax base and more revenues for the government have given it more resources to spend on infrastructure and social welfare projects, which in turn stimulate economic growth and development in different sectors.

He termed the GST regime as a 'visionary reform' that has actually simplified the tax system and brought transparency into business transactions, thereby paving the way for a growth-oriented business environment. Being a strong supporter of economic progress, Dhoundiyal is optimistic that the positive impact of GST on India's business landscape and overall economic development will be sustained in times to come.

Contact Information:

Email - naresh.amritachander@gmail.com 

Twitter - https://x.com/nareshdhoundiyl 

LinkedIn - https://www.linkedin.com/in/naresh-dhoundiyal-132016318/