GST will Change Indian Economy


Describing GST as the most revolutionary tax reform since Independence, the Union Minister of State for Energy and Coal (independent charge), Piyush Goyal, has sought the co-operation of the trade, industry and all sections of society to make it a huge success.

The Union Minister, who was here to participate in the International Yoga Day celebrations, was participating in a seminar on GST conducted by the Confederation of Indian Industry, the Vizagapatam Chamber of Commerce, and the Andhra Pradesh Chambers of Commerce and Industry Federation.

He said GST would unite India into one country, one market, as the same tax rate would prevail all over the country, and consumer would be the ultimate beneficiary.

Consumer will be the king, as he or she will get better quality of goods and services. I admit there may be some teething troubles and initial hiccups in implementing it, but they are by no means insurmountable. Now is the time for implementing GST and it will come into effect from the midnight of June, he said.

The minister gave an assurance to the trade and industry that the honest will have nothing to fear from the new tax regime, but the dishonest will be made to pay.

He said GST would bring much of what is now in the informal sector into the formal sector. Tax evasion could be curbed to a greater extent, though I do not call it a panacea for all ills.

He said there were certain sections indulging in deliberate campaign of misinformation to derail the process of unrolling GST and we have to be wary against their designs”.

The minister said the success of GST would be the success of all sections of the society, and it would be for the good of the nation. Therefore, he said, rising above all petty differences, all should strive to make it a success.

The minister, himself a chartered accountant, answered the queries of the participants and cleared their doubts.

Visakhapatnam Member of Parliament K Haribabu in his opening remarks explained about the GST council and its powers. O. Naresh Kumar, the industry representative, conducted the proceedings.

An anchor with CNBC TV18 for almost 4 years. Also co-anchors prime-time market shows like Power Breakfast, Traders only, Markets Mid-day and NSE Closing Bell.