With less than one week remaining for Goods and Service Tax (GST) regime rollout, the Union Minister M Venkaiah Naidu, hailing it as the biggest tax reform since independence, has said that there will be some troubles initially but in the long term, the new tax regime will help consumers and traders. He also added that it will bring down inflation and prices, improve ease of doing business and strengthen the economy in long run.
Naidu further urged all political parties to support the GST which is scheduled to be rollout from July 1. The Union Minister also stated that the GST will bring economic integration, reduce delays and end discrimination among taxpayers, noting that power of taxation has now been given to the GST Council, which will be responsible for all taxation-related matters hereafter.
The minister also said that although 142 nations around the globe are implementing GST, India is unique because of the vastness of the country, its huge population and the midnight of June 30 will usher in a historic economic transformation.