Finance and Commercial Taxes Minister Jagdish Deora has congratulated the business community, taxpayers and common consumers on the successfully completing 5 years of GST.
On GST Day, July 1, Deora said that the Indian economy has been strengthened by GST under the leadership of Prime Minister Narendra Modi. Breaking the barriers of inter-state trade and commerce, India has transformed into ‘One Nation-One Tax’. GST has helped India to increase its stature among the world’s economies.
Minister Deora said that Madhya Pradesh is committed to implement GST more effectively under the leadership of Chief Minister Shivraj Singh Chouhan. He said that GST has made it easier for businesses and consumers to comply with the taxation system. Uniformity of tax is increasing competition among industries, thereby increasing the quality of products thus benefitting the consumers.
Deora said that along with businessmen, governments have also benefited from GST. The goverment plays a critical role in strenghteing the federal system.
He said that the central and state governments were managing several indirect taxes. The complexities were high. Now the tax system has been strengthened with a uniform tax rate and system across the country.
Deora said that a transparent tax code was must for a state like Madhya Pradesh, which has potential for foreign investment. GST has provided the solution.
Madhya Pradesh is preparing to play an important role in achieving the huge goal of $5 trillion economy in future. Attracting high quality foreign capital is a priority. The transparency and ease of doing business brought by GST will increase foreign investment.