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GST, a revolutionary tax reform in Indian economy

Goods and Service Taxes (GST) would be a revolutionary reform, announces Mr. Piyush Goyal, Union Minister of State for Energy and Coal. Taking part in a an Awareness session on GST here in Visakhapatnam on Wednesday, he asked all traders to do a fair business to unite India into one country- one market. Single tax system will improve the Indian economy single taxation system throughout the nation, he added. Mr. Goyal also mentioned consumer will be the king, as he will get better quality of goods and services as well. The introducing ceremony will be held at grand fervour on the mid-night of June 30, at the central hall of Parliament, in which all the Chief Minsiters in the country would join in it. 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.”

This GST will be inforce from July 1, occasionally it was the formation day of Institute of Chartered Accountants of India, the CA turned politician said. This session was jointly organised by the Confederation of Indian Industry, the Vizagapatam Chamber of Commerce, and the Andhra Pradesh Chambers of Commerce and Industry Federation. Earlier, the Minister also participated in the International Yoga Day celebrations. Dr. K. Haribabu, MP – Visakhapatnam, Mr. M Srinivasa Rao, MP – Anakapalle, Mr. Vishnu Kumar Raju, MLA, Mr. P.V.N Madhav, MLC and other officials also joined the session.

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