PM Narendra Modi said that the process of simplifying the GST (Goods and Services Tax) is going on and the government wants to bring the 99% items to the 18% slab.
Addressing the Republic Summit Modi said that pre GST only 65 lakh company were registered but now it has grown by 55 lakh.
Modi said, “Today, the GST system has been established to a large extent and we are working towards a position where 99 percent of things will attract the sub-18 percent GST slab”.
In the 28% slab, there will be only a few selected items like luxury goods said, Modi
The effort of making the 28% slab items to 18% slab is going on including the items which are used by a common man said the Prime Minister.
He said, “We are of the opinion of making GST as smooth as possible for the enterprises”.
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Modi said “In earlier days, the GST was framed according to the existing VAT or excise tax structures exercised in those respective states. (With) the discussions held from time to time, the tax system is getting improved”.
He also added “The country was demanding GST for decades. I am pleased to say that GST implementation has removed contradictions in the trade market and the efficiency of the system is improving. The economy is also getting transparent”.
He said that even a small change in taxation in a developed country is not easy. The Prime Minister also spoke about the commitment of the government to bring out India out of Corruption.
He said that when the companies were not able to repay the loans, there was no effect on them and their owners.
He added, “That is because since the start they had been given protection from probes by certain ‘special people'”.
Modi also spoke on the initiative taken by his government to give the facility of the gas connections to households.
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He said “Till 2014, only 55 percent houses in the country had a gas connection. Imagine that. Our government is working towards finding permanent solutions and ending those practices that have held progress back for decades”. He said, making of New India is in progress.
