The Bharatiya Janata Party (BJP) Madhya Pradesh president and MP Nandkumar Singh Chouhan said that the Goods and Service Tax (GST) regime would work to change the direction of Indian economy. “The negative conditions of rising inflation and slowdown in industrial growth would get curbed with the GST and the shining possibilities of investment in India would start taking shape,” Chouhan said in a statement here on Thursday.
Notably, BJP was opposed to the GST when in opposition is all out to get the taxation bill passed in the parliament and in the process making all out efforts.
Chouhan further said that in the current system dozens of taxes including Central Government’s Excise Duty, Service Tax, Custom, Sales Tax, luxury Tax, lottery Tax, electricity tax, entry tax, Octroi and others are levied. All these in total burden the consumer from 23 to 25 per cent. With the implementation of GST there would be only taxation that is expected to be about 18 per cent, he added.
He said that with the implementation of GST the supplier products and service providers would pay the tax at the initial point only. This would reduce the expenditure of tax collection while the implementation would also set free the consumer from non transparent and corrupt administration, he added.
The senior BJP leader said the implementation of the GST would also brought to reality the imagination of one nation one market. This has been in consideration since last five years and debate is on over it but now the chances of getting this bill clear in the parliament have increased and we are very near to getting a better taxation system, he added.