After a month of successful rollout of the Goods and Services Tax (GST), one of the biggest fiscal reforms in India since Independence, Union Power Minister Piyush Goyal has termed GST as a crucial, adding that it will promote transparency and a corruption free business environment in the country.
The Minister further noted that the new tax regime also aims to bring the informal sector under the ambit of formal economy as it keeps track of every transaction from end to end without leaving any uncertainty. Besides, highlighting the advantages of GST, he said that the tax base would increase owning to this new tax reform which will reduce the tax rates eventually and added that increased revenue from taxes would enable targeted spending towards the different sections of the society along with better infrastructure development.
Goyal further said that the GST would create a level playing field by removing discrepancies from the system with the help of technology. He said that with creation of different tax slabs under the GST, the government has attempted to keep the tax on common goods lower or equal to earlier regime wherever possible to maintain affordability.