GST Will Boost GDP And Lower Inflation: Arun Jaitley

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Today Finance Minister Arun Jaitley said the full-scale implementation of GST will ease inflationary pressure, boost GDP as well as render instances of tax-avoidance difficult. At the midnight launch of the unified tax regime that shall subsume so many tax-forms of the indirect tax category, Jaitley said roll-out of GST marks the beginning of the new journey that shall expand the country's economic scope.

GST Will Boost GDP And Lower Inflation: Arun Jaitley

"All decisions of GST Council were taken unanimously...We did not want to burden common man and weaker section," Jaitley said. Under the new GST regimen, assesses shall be required to file only one return.

"Inflation will come down, tax avoidance will be difficult, India's GDP will be benefited and extra resources will be used for welfare of poor and weaker section," Jaitley said.

"The old India was economically fragmented. New India will create one tax, one market, one nation. It will be in India where Centre and states work together towards the common goal of shared prosperity," Jaitley said.

The new tax regime is also supposed to strengthen federalism. And as stated in the constitution, India is a union of States and the real meaning of federalism lies in the fact if both centre and state function to be strong."While enacting the GST, neither the states nor Centre gave up their sovereignty. They have pooled their sovereignty to make joint decisions in indirect taxation," the finance minister said.

At a time when several doubted the implementation of GST from July1, on the successful roll-out, Jaitley appreciated the efforts put in by state finance ministers, officials and other members of Parliament.

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Read more about: gst, inflation, gdp, taxes, tax
Story first published: Saturday, July 1, 2017, 11:46 [IST]
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