Finance Minister lists benefits of GST
The Goods & Services Bill , which is touted as the biggest tax reform in the country since Independence, was tabled in the Rajya Sabha on Wednesday. The Finance Minister Listed some benefits of the bill he said, the Merits of the system itself are that it would convert India into one uniform economic market. The other benefits being, best economic management of the country, ease of doing business, It will also empower states and also improve the revenue of states and the Centre. It will ensure no tax on tax; there will be no cascading effect of taxes. It will give a boost to the economy required at this critical stage. With a uniform tax rate,bring about seamless transfer of goods and services across country, enable us to check evasion.
While speaking in the Rajya Sabha at the beginning of what will be a five-hour debate on the GST bill, Finance Minister Arun Jaitley acknowledged that the Bill was first introduced by the UPA government. He said, several discussions were held to get a consensus amongst all the states to ensure none of them felt shortchanged. The GST, once passed by parliament and cleared by 50 per cent of the state assemblies, will be implemented from April 1, 2017. It is expected to add 2 percentage points to India's GDP, according to economists.