The GST aims at abolition of multiple types of taxes on goods and services by introducing a single tax rate. So the GST is the required change with a promising win-win situation for both Government and people, opined speakers at a brainstorming session on Goods and Services Tax (GST) held at the DAV School of Business Management here on Sunday.
DSBM Principal Dr DN Mishra said the students must understand the necessity of analyzing the policy matters of both the Central and State Governments related to trade, industry and business so that they can relate their academic curriculum of commerce and management. Dr Raman Agrawalla spoke on various facets of GST and its implications. Besides, the school students gave presentations on different aspects of GST like, taxation, GST council, its impact on Indian economy, issues and challenges
DSBM president MM Panda opined, “Commitment to self interest overpowers national interest. lack of consensus and integrity are barriers for a nation’s growth”. Introduction of GST would reduce effective rate of tax by one or two floor rates and enhance the manufacturing and distribution efficiency by reducing the cost of production of goods and services, he added.