'India can't afford to spend too much time to bring GST'

Pitching for early implementation of GST, global giants IKEA and Huawei on Wednesday said India cannot afford to spend too much time to bring the new indirect taxation system. "It (GST) is massive. It has to happen...Let's move on and do not spend time on that. 5 percent of the people are discussing and 95 percent have pre consensus," IKEA India CEO Juvencio Maeztu said here at the Economist India Summit. He added: "It has to move on and we can not spend time and I have seen as a foreign company, the most serious sign, it's time to move forward." Underlining the importance of GST, Maeztu said: "It will reduce price for consumers and whatever is for the good of consumers is good for the economy...Let's put the size, you have to move with 95 percent." "It is not a political issue. We cannot afford to spend too much time," he said.

Expressing similar views, Huawei India CEO Jay Chen said if it can be solved "it'll be very useful for the industry" overall. The GST is expected to usher in a new indirect taxes regime in the country, boosting business activity. Many industry leaders have expressed disappointment over the logjam in its implementation.

The GST Constitution Amendment Bill could not be passed in the last session of Parliament due to lack of political consensus.