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GST to lower overall tax burden over time - RBI governor

Posted Date : 23-Jun-2017 , 06:57:49 am | Posted By CASANSAAR print Print
As the four-rate structure, Goods and Services Tax will come into force in all states across the country except Jammu & Kashmir from the midnight of June 30, the Reserve Bank of India Governor Mr. Urjit Patel today expressed optimistic view that GST would eventually reduce taxes and inefficiencies within states and broaden the tax base making it an important part of digital revolution. He was speaking at a panel organized at the IMC’s 9th Banking and Financial Services Conference in Mumbai on Thursday afternoon.

AIR correspondent reports that according to RBI Governor, the GST network itself is part of the digitization revolution, which along with the reforms on the information tax side in terms of the processes and operations, have the potential to broaden the tax base considerably.

The RBI Governor called GST as a precursor, which would low tax regime in the country at a later stage. Patel asserted that the broadening of tax base is an important outcome of the new uniform taxation regime and other initiatives on e-payments and digitization.

Union Cabinet on Thursday expressed gratitude to State Chief Ministers and others for their cooperation in introduction of Goods and Services Tax.

The Cabinet chaired by Prime Minister Narendra Modi passed a resolution in this regard saying the GST is the biggest tax reform in independent India and one of the most sweeping indirect tax reforms in any federal polity in the world.

The resolution says the game-changing reform will result in significant ease of doing business as well as lead to reduction in the overall tax burden on the common people. It also says the GST is a shining example of national integration and fiscal federalism at its best.

The GST has been made possible because of close cooperation between the Central Government and all the State Governments as well as all political parties. #casansaar (Source - NewsonAir)

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