Published On: Tue, Jun 20th, 2017

Why GST Is Important For Indias Fast Growing Economy

Why July 1 will be cheered by many businessmen when India’s biggest tax reform since independence will be rolled out. Named as GST, the Goods and Services Tax, will replace over a dozen levels and surely would reduce the power of myriad middlemen at several state borders.

It is obvious gossip among the businessmen who sends and receives goods form one state to another the people in authority at the state borders fine for even small error and hold the transport vehicle to finally settle down with penalty or bribery.

Once GST is implemented, all such bribes, borders and middlemen will be gone.

Prime Minister Narendra Modi came to power in 2014 and since then the GST is the most significant economic reform. Ahead of its implementation, the government is still refining the details and said on Sunday the initial filing requirements for the months of July and August will be relaxed.

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Finance Minister Arun Jaitley also confirmed, amid such last-minute tweaks, the GST would be implemented from July 1.

India has more population than combined United States, Europe, Mexico, Japan and Brazil. It is a 1.3 billion consumers market and the economy is already one of the world’s fastest growing.

Indian government’s chief economic adviser Arvind Subramanian said earlier that GST is super important and is also a bold as well as daring experiment.

About the Author

- Paul Linus is an eminent online journalist who has been writing news, features and editorials on different websites from across the world for about a decade.

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