Describing newly implemented Goods and Services Tax (GST) as a win-win situation for all, the Finance Minister Arun Jaitley has said that it will expand the tax net, end ‘inspector raj’ and bring down prices of goods for the common man. Pitching the GST as a measure beneficial for the country, he said that prices of goods have come down between 4-8% since roll-out of new indirect tax regime from July 1 and the real effect could be felt after three months.
Jaitley said that the GST was in the interest of people and states as well, as the latter will get 80% of the revenue leading to more development. He also said that there was no longer tax on tax and the transport of goods across the country was going unhindered now.
Finance Minister further added that more than 1 crore firms will be migrating to the new tax regime against around 80 lakh companies earlier. He said tax net has expanded and the country’s market has been integrated. Besides, inspector raj is over and the tax burden on the masses has gone down.
