Implementation of GST will expand Indian economy by 1%

According to Mr. Prashant Kumar, Additional Commissioner, Service Tax, Mumbai-I informed GST holds the potential to make Indian products improve compliance, globally competitive and contribute to the expansion of the Indian Economy by at least 1% of GDP.

On March 20, 2017, the Union Cabinet approved 4 crucial GST bills, viz. CGST, iGST, UTGST and the Compensation Bill. These Bills are expected to be tabled in parliament shortly as Money Bills.

The Government is all set to roll out crucial GST on July 1, 2017.

GST is a major step towards streamlining various Union and State indirect taxes and will help in speeding up the transportation of goods and services between various states.

One of the key promises of GST is the ability to data mine the vast information which will be collected by the government.

This will help the Government to ensure strict enforcement of rules and regulations and go after defaulters and tax evaders.