The Bharatiya Janata Party (BJP) has claimed that the Goods and Service Tax (GST) would prove to be a game changer in the Indian economy.
BJP Madhya Pradesh president and parliamentarian Nandkumar Singh Chouhan in a statement here on Tuesday said, “The GST that would come into force from July 1 this year and with that foreign investment would increase in the country and the Gross Domestic Product (GDP) would bounce besides the supply chain would become easy and simple.”
Chouhan further said due to reduced expenditure in transportation and production inflation would reduce benefiting the consumers. GST would prove to be game changer in the Indian economy, he added.
Referring Reserve Bank of India (RBI) report Chouhan said that in the existing structure of the country Vat and Excise Duty is levied on the capital goods due to that investors get discouraged because they don’t get rebate over expenditure. With the implementation of GST the taxation would become straight and easy due to that the investors would get encouraged. The result of this would be that ample investments would come in due to that GDP would rise to touch double digit mark, he added.
He said that only the big but the small and medium industries would also get benefitted the GST as doing business would become easy for them. The reach of producers would become easy in far flung states. With the end of tax barriers of tax department transport system would get momentum due to that transportation cost would come down, he added.
The senior BJP leader claim that GST is safe from of Ransomware virus attack over IT sector as it is not based on Microsoft. Arrangements of making GST free from outside attacks has already been made as it is secured from every point, he added.