GST in force by April 1: Venkaiah Naidu
Mr Naidu said that GST is the biggest tax reform since Independence
Visakhapatnam: Minister for Parliamentary Affairs and Urban Development M. Venkaiah Naidu on Sunday indicated that the Goods and Service Tax (GST) could come into force from the beginning of the next fiscal (April 1, 2016).
The Union minister opined that GST, being a uniform tax system, will allow seamless transfer of goods and services between states besides helping in increasing the GDP of the country by 2 to 2.5 per cent. Besides it will help boost exports by 12 per cent and also reduce corruption and paperwork, he said.
Speaking to reporters in in Vizag, Mr Naidu said that GST is the biggest tax reform since Independence as it subsumes all indirect taxes to create one rate and integrates the country into one market. The GST will also stop imposition of levy on goods moving from one state to the other and will bring qualitative change in taxation system by redistributing burden of tax equality by manufacture and services, he said.
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