Finance Minister Arun Jaitley described the Goods and Services Tax (GST) as a "win- win" deal for all as it will expand the tax net, end "inspector raj" and bring down prices of goods.
Pitching the GST as a measure beneficial for the country at a meeting of the BJP parliamentary party attended by Prime Minister Narendra Modi, senior leaders, and party MPs, Jaitley said prices of goods has come down between four to eight per cent since its roll-out on July 1. GST: Gold Jewellery To Cost More; Apparel, Biscuits, Footwear Cheaper
Parliamentary Affairs Minister Ananth Kumar briefed reporters about the meeting in which External Affairs Minister Sushma Swaraj also informed parliamentarians about Modi's recent foreign visits, especially to the US and Israel. GST: These Companies Are Cutting Price For Products
The GST was in the interest of people and states as well as the latter will get 80 per cent of the revenue leading to more development, Jaitley said.
There was no longer tax on tax and the transport of goods across the country was going unhindered now, he said.
More than one crore firms will be migrating to the new tax regime against around 80 lakh companies earlier, he said, Kumar quoted him as saying.