GST will provide economic freedom to country: MoS Finance

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Dubbing Goods and Services Tax (GST) a game changer, Union minister of state for finance Santosh Gangwar claimed that the new tax system will give economic freedom to the country. He also asserted that it will benefit small traders in their businesses which would see reduced paperwork and official bottlenecks.

Gangwar was speaking at a seminar on GST organised by the commercial tax department here. Giving credit to Prime Minister Narendra Modi to bring a change in the tax system in the country by introducing GST, Gangwar said that under Modi’s leadership changes had taken place and the country would progress on the one nation-one tax (ONOS) system from July 1.

“We got political freedom in 1947, but we will see economic freedom only now, with the introduction of GST. People may face some temporary difficulties but they will be short-lived. I want to ensure all businessmen, from small-scale to big entrepreneurs, that their business will not be affected after introduction of GST,” Gangwar said.

The minister pointed out that in a first since Independence, both upper and lower houses of Parliament had delegated the right to take all decisions about GST to the GST Council. “Both Houses are to accept all recommendations of the committee without any objection. After GST is introduced, disparity of tax slabs among different states will come to an end. For example, in Andhra and Telangana there is no tax on tobacco but in Rajasthan 62% tax is charged on the business. All the state governments have assured us that by June end the GST bill will be passed by the respective assemblies.”

Meanwhile, additional commissioner of commercial tax Chandrika Prasad said that in 100 countries across the globe GST had been implemented, being introduced first in France in 1957.

“After GST is introduced, 17 indirect taxes will be scrapped, giving a big relief to all businessmen. Traders doing business up to Rs 20 lakh per month will be exempted from any paper work. Besides, only 5% of the whole trade will be audited while the remaining 95% will be deemed as audited,” Prasad said.

Read more at: http://timesofindia.indiatimes.com/city/bareilly/gst-will-provide-economic-freedom-to-country-mos-finance/articleshow/58673125.cms

 

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