Vice President M. Venkaiah Naidu on Tuesday said that the main purpose of Goods and Service Tax (GST) is to strengthen the economy.
Venkaiah Naidu was speaking at the inaugural session on a seminar on ‘Contemporary issues and challenges in Finance, Marketing and Taxation’, organised by the Keshav Memorial Institute of Commerce and science in Hyderabad.
“In 1998 strong steps were taken to strengthen the Indian economy. The main purpose of GST is also the same. It reveals the cost at the manufacturer, benefit consumer by the reduction of price. The retailer will also be benefitted, no sales without a bill Increase complies and eliminates corruption,” said Vice President Naidu.
“5.9 million People have registered to file GST and 20.2 million people pay tax. Microfinance, cashless payments are increasing the economy. Quantitative analysis Service is needed. Everybody is responsible for making the change and we should take everyone’s opinion,” he added.
Naidu further expressed his feelings on inaugurating the seminar.
“I feel enlightened to inaugurate this Seminar and share my thoughts. I feel emotional because I have long memories of this institution. My basic things were moulded here. I was impressed and happy by seeing the college. My passion towards this institute made me come here.”
“Even after 70 years of independence there prevails discrimination in our country. In spite of the development of technology, we have to remember our guru. Google cannot replace guru. We should not forget our originality although we learn many other languages. We should love our mother tongue,” added Naidu.