Ahead of the roll-out of Goods and Services Tax (GST), Union minister M Venkaiah Naidu said there may be some initial “hiccups”, but the new tax regime will help consumers and traders in the long-term.The GST, nation’s biggest tax reform since independence, is set to be implemented from July 1.
“The midnight of June 30 will usher in a historic economic transformation the biggest reform in indirect taxes since independence with the rolling out of the GST regime,” the Union Information and Broadcasting minister said here.
With Prime Minister Narendra Modi coining the mantra of “reform, perform and transform”, GST is the biggest transformation of the taxation system and brings in transparency and economic integration, which in turn will strengthen national integration, Naidu said.
He said agriculture has been exempted and initially, there might be some hiccups but in the long-term, the GST regime will help consumers and traders as there will be no harassment, inspector-raj, discretion (discretionary powers) to the officers and no (inter-state) check posts.
“It will bring down inflation, prices, improve ease of doing business and strengthen the economy in the long run,” he claimed.
Although 142 nations around the globe are implementing GST, India is unique because of the vastness of the country and its huge population, Naidu said.
“Because it is a momentous occasion, a special session of Parliament has been convened to mark the launch of GST,” the minister added.