ALSO READGovernment likely to table 4 GST bills in Parliament today Tax treaty will boost economic ties between India and Cyprus: Arjun Meghwal No confirmed reports on detection of fake Rs 2,000 notes: Arjun Ram Meghwal Govt to bring new design bank note in other denominations: Meghwal GST roll-out: Centre expects to mop up Rs 55,000 crore by levying cess
Major economic reforms undertaken by the Narendra Modi-led regime at the Centre were of vital importance to lead the country into the league of developed nations, Union Minister Arjun Ram Meghwal said. "From demonetisation to promoting digital transactions and now implementing the Goods and Services Tax (GST) from July 1 are all steps in this direction.
Our ranking in ease of doing business has also improved from 142 to 130. "These steps have pulled the shadow economy back and increased the tax base with the addition of 91 lakh taxpayers," Meghwal, the Minister of State for Finance and Corporate Affairs said while addressing the industry here. GST is the biggest economic reform to achieve a level playing field with the developed nations of the world, he further said. He also replied to queries from the industry members on various provisions of GST raised by them such as input tax credit and advance taxes. He said that the reforms were aimed to help the industry and the government stood by its commitment. On this occasion, Chandigarh MP Kirron Kher said, "In the last three years, our government has moved ahead on nearly all fronts including macroeconomic stability, infrastructure, energy, foreign direct investment (FDI) and agriculture." "With an excellent base of communication network, technical institutes, connectivity with other states, Chandigarh is rapidly emerging as a regional hub in the areas of service industry, education, healthcare, information technology, trading, tourism etc.," she added.