Shri Naqvi says GST is biggest economic reform after Independence, the new tax system will transform Indian economy
Addressing common people and traders at an awareness programme on GST at Hyderabad, Shri Naqvi said that implementation of GST by the Government led by Honble Prime Minister Shri Narendra Modi, is the biggest economic reform after the Independence. GST will change both condition and direction of the Indian economy.
Shri Naqvi said that there are some misconceptions in the minds of the trade and business community and consumers regarding GST, particularly regarding compliance processes, need for computers and internet, number of returns to be filed, and whether GST will cause inflation. All these are totally incorrect.
Shri Naqvi said that in Honble Prime Minister Shri Modis words, GST is a good and simple tax" which will eliminate the compounding effects of multi-layered tax system. There will be absolutely no problem to common people and small traders or big industrialists. The honest will get relief from Inspector Raj".
Shri Naqvi said that only those people need to worry after GST who considered it as their fundamental right not to give taxes." One of the major benefits of GST is that it will ensure transparency in the entire taxation system. It is an historic step, a historic achievement for India. In the new system, there will be one country, one tax".
Shri Naqvi said that GST is also one of the best example of Indias federal structure. GST is the sanjhi virasat (combined legacy) of the people of India, and not the creation of the Central Government alone. It has been supported by every political party, and is going to benefit the entire country. States and the Centre will work as a team in GST. GST Council met 18 times, and there was never any need for voting, because of the unanimity.
GST will make Indias import and export much competitive, it will increase domestic as well as foreign investment. GST is one indirect tax for the whole nation, which will make India one unified market. It is proposed to be levied at all stages right from manufacture up to final consumption with credit of taxes paid at previous stages available as setoff. 17 different taxes and 23 different cesses have been fitted into a single tax. As compared to previous taxes, rates set by GST council under GST are lower for most products. This will ensure that GST does not cause inflation / price rise.
Shri Naqvi said that GST will create an enabling environment for Growth, Seamless trade, Transparency, and lead to greater Ease of Doing Business". In addition, it will provide a boost to Make in India and facilitate Indias emergence as the next export hub, because of counter-tax (in the form of IGST) to be levied on imports, thereby aiding domestic manufacturing. It will bring economic growth by increasing tax collection and reducing prices.
Shri Naqvi said that GST will improve trade by reducing borders and making India into a One Nation, One Tax" economy. GST is a Great Step towards Transparency by removing multiple taxes and procedures into One Tax regime. People who are looking for an honest tax regime are welcoming this wholeheartedly.
Shri Naqvi said that Honble Prime Minister Shri Modi had said Sardar Vallabhbhai Patel had politically integrated over 500 states into one India and now GST has done the same but economically.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)