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Business News
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GST will bring about paradigm shift in arena of indirect taxation: Mukherjee
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Posted online: Wednesday, February 22, 2012 at 8:05:01 PM
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New Delhi, Feb 22 : Finance Minister Pranab Mukherjee on Wednesday said the Goods and Services Tax (GST) will bring about a paradigm shift in the arena of indirect taxation in the country.
He was addressing the award winning officers of the Customs and Central Excise Department.
"With the introduction of Goods and Services Tax (GST), we are now perhaps at the doorstep of the most significant reform in the history of indirect taxes in the country. Under the GST regime, uniform taxes will be levied by the Central and the State Governments through a common system of tax collection. GST is expected to be a more efficient system of taxation and is likely to give a boost to the tax revenues of the Centre and the States," said Mukherjee.
"It will also remove barriers amongst States and convert the entire country into a common market. We are working with the State Governments for an early implementation of GST. Towards this end, an I.T. network called GSTN is being created to ensure integration of the tax systems of the Centre and the States. Once implemented, GST will bring about a paradigm shift in the arena of indirect taxation in the country," he added.
Appreciating the performance of the Central Customs and Excise Department in adapting quickly and successfully to the changing economic environment, Mukherjee stated that the department has come a long way from the control based system to a record based system.
"The Customs and Excise Department has undergone a major transformation in keeping with the needs of a rapidly changing economic environment in the country. The Department has shown an ability to adapt quickly and successfully to the challenges that it has encountered. In fact, by launching major IT initiatives for facilitating tax compliance, the Department has set an example for others to emulate," said Mukherjee.
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