GST to help in achieving five trillion-dollar economy by 2025: Nitin Gadkari

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Union Minister of Micro, Small and Medium Enterprises (MSME), Nitin Gadkari said that Goods and Services (GST) will help in achieving the vision of a five trillion-dollar Indian economy by 2025.

Addressing a webinar on the “GST Day” on the theme “THE JOURNEY OF GST AND WAY FORWARD – AATMANIRBHAR BHARAT” organised by the Institute of Cost Accountants of India, he said, “GST is founded on the notion of “One Nation, One Market, One Tax” which has helped and will be helping the trade and industry a lot despite the prevailing pandemic situation.

Gadkari said GST was implemented from July 01, 2017 and now it has completed four years of its implementation, during these four years a remarkable change is seen in the way the business is being carried out.

The minister also said digitalisation and information technology have an important role to play. For transparent and time bound decision-making process Performance Audit along with Financial Audit is very important.

Speaking about the problems faced by MSMEs, he said, delayed payments are the main cause of concern which has to be resolved.

Gadkari also said that though GST has completed four years there is still room for improvement adding, “Cooperation, coordination, communication and rectification is needed from all stakeholders.”

Gadkari also complimented the Institute of Cost Accountants of India (ICAI) for conducting regular webinars, seminars, various courses for different stake-holders throughout the country to unlearn and relearn new subjects which are need of the hour to survive in the new normal.

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