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GST to convert entire country into one market: Patnaik

Press Trust of India  |  Bhubaneswar 

A day before introduction of the State Goods and Service Bill in the Assembly, Chief Minister today said was a major financial reform which would transform the country into one single market.

"The will bring about comprehensive reform of the indirect regime in the country and a major financial reform to make a single market," Patnaik said while addressing the legislators in the workshop on held ahead of the Assembly's special session tomorrow.

Noting that the Constitutional Amendment in 2016 to usher in the GST was an outcome of a broad political consensus, Patnaik said has also played an important role in it. As a member of the GST Council, Odisha has been actively participating in the design of the legislations, Patnaik said.

He said a large number of central and state taxes would be subsumed into the GST. The cascading of taxes will be minimised, Patnaik said adding that this will result in benefits on most commodities. The govenrment will get the benefit of higher revenue efficiency through better compliances.

"The enactment of the State Goods and Service will be the begining of a journey. We need to ensure that a robust administrative stracture and information technoloy based platform is put in place. It is imperative to manage the transition process through capacity building of tax officials and the members of trade and industry," Patnaik said.

Besides MLAs of different parties, Assembly Speaker, Ministers, Leader of Opposition and others attended the one-day workshop.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, May 17 2017. 15:42 IST