Terming the Goods and Service Tax (GST) as an important development for economic growth, Railway Minister Suresh Prabhu told the implementation will bring in better tax compliance, improve the tax to GDP ratio.
“Assessments will happen online. Most of the compliance will happen. As a result of which, all the malpractices associated with tax administration will disappear. Over a period of time, Indian economy will grow faster because of the GST,” says Prabhu.
On the midnight of June 30, India witnessed the launch of landmark GST at the historic Central Hall of Parliament in presence of top leaders, industrialists, economists and celebrities.
Currently, the Indian economy stands at more than 2 Trillian dollars. Commenting on the impact of GST on economy, Prabhu said, “Imagine the entire size of Indian economy will be the tax collection that would happen over a period of time. The money collected can be utilised in infrastructure development and social services.”
Ahead of the new tax regime, Congress and some opposition parties such as Trinamool Congress and DMK decided to boycott the function, calling it a ‘propaganda event’.
Terming the incident as ‘unfortunate’, Suresh added the GST is bipartition legislation and an initiative which has only become possible of cooperation from others.
Source Link – Times Now