Minister for Finance and Commercial Taxes Jayant Malaiya said that Goods and Service Tax (GST) has become medium for economic integration from Kashmir to Kanyakumari.
GST is the biggest change of economic sector after the independence. This will facilitate acceleration to the pace of country’s development. Malaiya was addressing the GST Awareness Workshop at Samanvaya Bhavan at Bhopal. Minister for Revenue Umashankar Gupta and Minister of State for Cooperative Vishwas Sarang were present in the workshop.
Malaiya mentioned that GST has been implemented with an objective of One nation, One Tax and One Market. 29 check posts of Commercial Taxes department have been closed from July 1 in the State. He further stated that there used to be 18 types of taxes earlier which have been discontinued and one tax GST has been implemented. He said that there was limit of Rs 10 lakh annual turnover for traders for registration under VAT law earlier in Madhya Pradesh. This limit has been extended to Rs 20 lakh annual turnover under the GST law. Beside this a facility of composition has been provide to the traders up to Rs 75 lakh. Maximum efforts have been made in the GST to provide facilities to the small traders under the GST law.
Besides, Malaiya mentioned that barriers’ closure will help transportation fast. An expenditure of Rs 40 crore was incurred unnecessary annually when there were barriers in the country.
He said that a goods carrier truck covers 800 km daily in America. The goods carrier trucks used to cover only 280 km daily when there were barriers in the country. Now they will cover a distance of 350 to 400 km daily and bring speed in business activities. Deliberating On GST tax slab, Malaiya said that there are five rates of GST ie 0, 5, 12, 18 and 28 per cent. There are only 19 per cent articles which attract maximum 18 per cent tax and there is 18 per cent or less than that on remaining 81 per cent articles. Finance Minister Malaiya described the GST as the best example of federal structure of the country.
Minister for Revenue Umashankar Gupta said that the decision of GST has been taken for country’s progress and welfare of the common men. He advised traders to have positive approach towards GST.
Minister of State for Cooperative Vishwas Sarang mentioned that decision to implement GST is a bold step of the Prime Minister Narendra Modi. Good results of GST will be seen in ensuing years. Principal Secretary Commercial Taxes Manoj Shrivastava stated that immense deliberations were held to enact GST law in comparison to discussions held for constituting constitution.