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GST need of hour and will be a game changer: FM
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SME Times News Bureau | 02 Dec, 2015
Finance Minister Arun Jaitley
said on Tuesday that Goods and Services Tax Bill (GST) is the need of
the hour and would be a game changer once it gets parliament's nod.
"With
GST, India's gross domestic product (GDP) will increase by anywhere
around 1 to 1.5 percent. There are lots of benefits of GST which
includes the unified tax regime across India and reduction of black
money," he said while addressing the BJP parliamentary party meeting.
"In
the long run the prices would come down, so would the inflation. The
growth would kick start, the jobs would increase. There will be increase
in exports too. It (GST) will be a game changer," he added.
Jaitley
emphasized the need to increase production to create employment and get
taxes and use them for social security and development.
"This
will enable maximum governance and will reduce harassment, paper work,
corruption and hence passage of GST is the need of the hour," he said.
He
said that Prime Minister Narendra Modi took the initiative and held
discussions with the main opposition party to solve the deadlock over
the GST issue.
Union Parliamentary Affairs Minister M. Venkaiah
Naidu said that government is making all out efforts for the passage of
GST for the common good of the people.
"Opposition has to understand it and cooperate for passage of the bill in the national interest," he said.
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