Goods and Service Tax will boost economy of nation feels Amar Agrawal
|Source: The Hitavada Date: 12 May 2017 10:51:49|
Commerce and Industries Minister Amar Agrawal inaugurated the one-day workshop held on Goods and Service Tax for the businessmen, traders, and industrialists on Thursday. Agrawal said that Goods and Services Tax (GST) is based on principle of One Nation, One Tax and One Market and will boost the economy of the nation. The Central Government and State Government at present impose 16 varieties of taxes. The new tax regime will come into effect from July 1.
The new tax structure is being implemented keeping in mind the aspirations and welfare of the citizens. The Gross Domestic Product will increase by 3-4 per cent in the coming years.
Agrawal termed the GST as biggest amendment in the sector of Indirect Taxes or in fact in the whole financial sector in the country since Independence. He said when the Goods and Service Tax Bill had come for ratification in the form of 101st Amendment of Constitution, many doubts had cropped in the mind towards its implementation once it takes shape of law. But gradually after attending the meetings of GST Councils, it became aptly clear as to how it will be implemented smoothly throughout the country.
Giving a brief picture of the GST Bill in his address, Agrawal said this 101st Amendment of the Constitution will devise a new system which was never done in the history of this country. He said taking a step ahead in the direction of tax reforms, the Atal Bihari Vajpayee government introduced the Value Added Tax system.
Subsequently Kelkar Committee was constituted in 2002 for conducting further study in tax reforms. The said committee submitted its report in 2004 but by then UPA government had come to power.
The Congress government took ahead the initiative and subsequently when the NDA government again came to power in 2014, the GST Bill was finally drafted and with the help of Congress and other parties, the Bill was passed in both the Houses of Parliament.
Now that the President had given his assent, it has become an Act and will come into force from July 1, 2017. It is a matter of pride that the initiative which was taken by erstwhile NDA government under Atal Behari Vajpayee is becoming law when NDA government under Prime Minister Narendra Modi is in power.
The Minister said that apart from economic integration it will lead to strengthening the unity of the nation. Central Excise Commissioner Atul Gupta and Principal Secretary Commercial Taxes Amitabh Jain, also addresed the august gathering. Amitabh Jai said that seminars will be organized at 37 locations to create awareness among the business community and various companies. Also present on the occasion were CCCI President Amar Parwani, CII Vice President Pankaj Sarda and large number of members from business community.