New Delhi [India], May 30 : Union Revenue Secretary Dr. Hasmukh Adhia while confirming the July 1 rollout of the Goods and Services Tax (GST) Bill, asserted that the new tax regime would help in generating employment for the generation to come.
Addressing a Town Hall meeting with GST stakeholders, including tax assesses, traders and representatives of trade unions in Bengaluru, Adhia said the implementation of the GST is being perceived as a game changer, adding that the GST would help in converting the economic energy in to real growth.
"GST would bring in uniformity of different tax laws and tax rules. There would be seamless transfer of input tax credit under the GST regime," he said. The meeting was jointly organised by the Chief Commissioner of the Central Excise and Service Tax, Central Board of Excise and Customs (CBEC), Government of India and the Commissioner of Commercial Taxes, Government of Karnataka, as part of the outreach programme on GST.
Responding to the various queries from the stakeholders, Adhia elaborated the benefits of GST, and explained how it would lead to ease of doing business, how to comply with its various provisions among others.
"The GST is a major customer-friendly indirect tax reform. The intention is not to increase the taxes but to increase the revenue by implementing GST as it would bring transparency, simplification and efficiency in tax administration and help in curbing tax evasion and thereby leading to tax buoyancy," added Krishna Byre Gowda, Agriculture Minister, Government of Karnataka.
Source: ANI
