Union power minister Piyush Goyal on Tuesday strongly defended the GST Council’s decision to increase cess on hybrid cars, saying they do not save much fuel.
The government is more interested in promoting electric cars as future belongs to them, Goyal said at the sidelines of a Ficci event.
Emphasising the importance of the Goods and Services Tax (GST), the Union power minister said its implementation will help in bringing businesses under formal economy and help strengthen government’s compliance machinery.
“Ít will become extremely difficult for businesses to remain out of the tax net because of ‘strengthened compliance machinery’ and ‘commercial imperatives’ under the GST regime,” Goyal earlier said while speaking at an Interactive session on“GST- The Indian Economy and the Way Ahead” organised by FICCI Ladies organisation.
“ With full implementation of GST very few small players who operate within a certain local jurisdiction may probably be able to escape the tax net but once they gain scale, it would become tough for even them to dodge the levy.
The whole GST process will take some time and change will happen soon. More than 82 % products under GST are below the 18 % tax rate. Honest paying of taxes will lead to lowering of taxes in future”, minister said.
GST is perhaps the apt topic in the current economic scenario as it is said to be one of the most crucial economic reforms in the country, post-independence, said Ms Vasvi Bharat Ram, President , FICCI Ladies Organisation (FLO) while speaking on the occasion.
Latest posts by Team EnergyInfraPost (see all)
- Union Oil Minister Dharmendra Pradhan Launches Commencement Of PNG Supply In Bhubaneswar – October 20, 2017
- Global Crude Oil Price Of Indian Basket Was Us$56.07 Per bbl On 19.10.2017 – October 20, 2017
- Global Crude Oil Price Of Indian Basket Was US$56.59 Per Bbl On 17.10.2017 – October 18, 2017