You are here: Home » Economy & Policy » News » GST
Business Standard

Govt will take steps for further simplification of GST: President Kovind

The taxation regime, he noted, plays an important role in accelerating economic development

Gst  |  Goods And Services Tax  |  Ram Nath Kovind

Press Trust of India  |  New Delhi 

President, Ram Nath Kovind
FILE PHOTO: President Ram Nath Kovind

The government will continue to take steps for further simplification of the (GST), President said Thursday.

Addressing the joint sitting of both Houses of Parliament, the president said the indirect tax system is being made simple and effective.

"With the implementation of GST, the concept of 'One country, One tax, One market' has become a reality. Efforts to further simplify the will continue," he said.

The GST, which subsumed over a dozen local taxes, was rolled out on July 1, 2017.

He said that keeping in mind the interest of traders, accident insurance of up to Rs 10 lakh will also be provided to all traders registered under

Kovind also said for small traders, the government will soon constitute the National Traders Welfare Board and formulate a National Retail Trade Policy to promote retail business.

The taxation regime, he noted, plays an important role in accelerating economic development.

"Along with continuous reform, simplification of taxation system is also being emphasised. Exemption to persons earning up to Rs 5 lakh from payment of income tax is an important step in this direction," he added.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Thu, June 20 2019. 13:50 IST