PM Modi hails GST as 'turning point for economy'

Lauding the forthcoming Goods and Services Tax (GST) Bill, Prime Minister Narendra Modi on Monday said that the taxation regime will be the turning point of the economy, as its implementation would greatly benefit the common man.

"The implementation of the GST from July 1 is the culmination of the concerted efforts of all stakeholders, including political parties, trade and industry bodies. It is a turning point for the economy, unprecedented in history. The creation of One Nation; One Market; One Tax would greatly benefit the common man," he said, after attending the GST review meeting held here earlier in the day.

Directing the delegations' attention towards cyber security, Prime Minister Modi asserted that extra caution is required while monitoring IT systems concerned with GST.

The delegation present at the meeting consisted of Finance Minister Arun Jaitley and top officials from the Ministry of Finance, Prime Minister's Office (PMO) and the Cabinet Secretary.

During the course of the meeting, which lasted for over two and a half hours, the Prime Minister specifically reviewed aspects of implementation such as IT readiness, HR readiness, training and sensitisation of officers, query handling mechanism, and monitoring.

He was also notified of GST systems such as IT infrastructure, training of officials, integration with banks, enrolment of existing taxpayers and information security systems; all of which is scheduled to be fully functional by July 1.