Piyush Goel, Minister of State with Independent Charge for Power, Coal, New and Renewable Energy and Mines has said that a lot of people have wrong interpretations about Prime Minister Narendra Modi's idea of 'One Nation, One Tax,' and hence, the Goods and Serve Tax (GST) has created a lot of chaos among the business community.
Talking to the media on Thursday, he said that the tension is understandable, when a huge change like the GST takes place in a country. He said that GST will help the work of making the economy strong, successful and honest.
"As the GST has been implemented, I think people should start registering and working, so that we can come to know at what places.
The bill needs more improvement," he said.
"The GST is the whole nation's heritage. The Central and the State Government have discussed the procedure, system, tax rates and how everything will work and I would request everybody to join the GST," Piyush Goel said.
He further added that misunderstandings and rumours are spreading that small traders will have problems because of the GST, but a business man whose sales is up to Rs. 20 lakh are not even brought in GST.
"The small traders don't have to register for anything, on the other hand Rs. 20 lakh composition scheme is given wherein the person in business have to file only one percent tax, where as the industrialist has to pay two percent tax," Goel said.
He added that misunderstanding is being created, and that an individual has to just fill one sales statement and nothing else has to be done.
"I had a long meeting with textile traders yesterday where we discussed about all this and today I am going to meet a lot of traders and people from the business community. A lot of people have appreciated the GST, and have also benefitted from it," he said.
He also said that the rates of each thing a common man buys have deteriorated.
"We are trying to bring simplicity to the nation," Goel said.
"Everything is system driven and this will give 'Make in India' a lot of weightage," he said.
He added that this would also give emphasis to India's export, because the GST will be implemented on whatever goods that come from abroad, which will give the nation more power.
"The tax on export will be refunded where the competitiveness of sending goods to other nations will increase," Goel said.
He added that GST will be beneficial for farmers, poor, women, youth, basically the whole nation.
"The beautiful thing about GST is that it captures the value chain of everything in a system," Goel said.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)