The Commerce and Industry Minister Nirmala Sitharaman has said that the implementation of the Goods and Services Tax (GST) from July 1, 2017 will result in eliminating barriers between the States and make exports more competitive. She added that GST gives a feeling that market in India is one now and there are no barriers between regions or provinces.
Sitharaman further said that even within the country, the value chains which will get integrated, will have a simpler and straightforward flow of goods and, therefore, it should make exports more competitive rather than expensive. Recently, the Union Cabinet approved four GST legislations - the Central GST Bill, Integrated GST Bill, Union Territory GST Bill, and the Compensation Bill which had earlier been approved by the GST Council over 12 meetings spanning about six months. The Bills now need to be passed by the Parliament, while the State GST Bill needs to be passed by the legislative Assemblies of each State.
Finance Minister Arun Jaitley too had said the new indirect tax regime will ensure seamless transfer of goods and services, create one of the world's biggest single markets, while stronger information technology backbone will make evasion difficult.
