GST to strengthen country’s economic growth: PM
16/08/2016 09:52
Prime Minister Narendra Modi has said that the Goods and Services Tax (GST), which will replace a raft of different central and state levies, will strengthen growth efforts and make economy more predictable. As per reports, Modi credited all political parties for passing a Constitutional amendment in the just concluded Monsoon Session of Parliament to bring a single unified value added tax system to turn the country into world's biggest single market. Commenting on the issue, Prime Minister Narendra Modi said, "GST (Bill), which has been passed recently, will further strengthen the way we are trying to accelerate growth and make the economy predictable." As per reports, parliament has passed the 122nd Constitution Amendment Bill to make changes in the power of the Centre to levy taxes like excise, and those of states to collect retail sales taxes. Suggested a decade ago, GST is viewed as potentially transformative for India's economy that could add as much as 2 percentage points to the GDP, while improving the ease of doing business and encouraging investment in manufacturing. It is also expected to result in greater tax compliance, boosting government revenues.
16/08/2016 09:52
