Union Finance Minister Arun Jaitley again tipped some of the quotes over the much-hyped taxation regime, the GST which has been getting discussed in each and every political corridor in few months. The taxation scheme has been considered the most significant tax reformation since the independence.
Mr. Arun Jaitley said that “the Goods and Services Tax (GST), to be implemented from April 2017, will be a game- changer for the Indian economy, especially for the manufacturing sector, The whole country would be one big market. There would be a seamless flow of goods and services across the country.” The statement was said at the commencing ceremony of Make in Odisha conclave at Bhubaneswar.
On the occasion, Chief minister Naveen Patnaik was also addressing the gathering. He said that “Vision 2025 in which the state is planning to attract investments worth Rs 2.5 lakh core and to create 30 lakh new employment opportunities, and that the Odisha is committed to provide all necessary infrastructure support to industries.”
Undoubtedly G.S.T. will be a game changer for the economy. The confusion over various taxes in vogue for last several years was confusing among public such as: Central Excise Duty, Service Tax, VAT, Entry Tax, Central Sales Tax etc. It will be over soon. The uniformity in tax structure will contribute a lot to the market. Different kinds and rates of tax in different states was encouraging smuggling of goods leading to criminal activities in some places. Further, Various expenses borne and problems faced by the manufacturers, traders at different revenue offices will be abolished. To conclude, It is another step to discourage black marketing.