Highlighting India’s recent significant jump in World Bank’s ‘ease of doing business’ ranking, Prime Minister Narendra Modi has expressed confidence that recently introduced Goods and Services Tax (GST) regime will further improve India’s ranking in the ease of doing business, pointing that the recent ranking did not take into account implementation of GST.
PM further emphasized that the country is swiftly changing for the better amid various reforms initiated by the government and a result of this, India has in three years jumped 42 places to break into top 100 countries on World Bank's ease of doing business ranking. PM said that GST and other different reforms need gestation and stabilisation time before they are taken into account by the World Bank and will further improve the ranking.
PM also listed out more positive aspects of the new tax regime, saying that GST has not just integrated the nation of 1.2 billion into one market with one tax rate but also provided a stable and transparent taxation regime. He added that under GST regime, tax filing and registration of new business has also got easier.