Finland looking forward to GST in India

The Dollar Business Bureau

Finland on Tuesday said it is eagerly waiting for the landmark Goods and Service Tax (GST) to be rolled out as it will bring transparency in the country’s tax regime and thus encourage ease of doing business.

"We are looking forward to GST," Ambassador of Finland in India, Nina Vaskunlahti said on Tuesday, at an interactive session organised by the Bharat Chamber of Commerce.

"This will help remove multiple layers of taxes and state-specific tax laws and we understand GST will help towards ease of doing business," she said.

She said she has heard of Indian judiciary system, which often has less number of judges. She hoped the country’s legal infrastructure is well in place to resolve disputes and concerns in a short time.

Currently, about 100 Finnish companies are operational in India. Vaskunlahti said this number may increase considering the enormous market opportunity India offers.

Finnish exports to India were to the tune of €490 million in 2012. The exports registered a 10% growth, as major shipped products such as heavy machinery, pulp, paper, telecom equipment saw a significant rise.

Indian exports to Finland were estimated at €330 million last year, with pharma, textile, raw material, plastics, tools and machinery accounting for a major share of the country’s outbound shipments to Finland.

On the investment front, Finnish companies have invested $388 million between March 2000 and August 2015 in India.