On Twitter, Modi listed out how GST has helped Indian economy.
As the introduction of the Goods and Services Tax (GST) completes one year today, the Centre is observing 'GST Day'.
Ministers are likely to take part in various programmes highlighting how GST has been a gamechanger and has been beneficial for India. PM Modi tweeted early in the morning hailing one year of GST. Listing benefits of the single- tax regime, Modi said:
GST has brought growth, simplicity and transparency. It is: Boosting formalisation, Enhancing productivity, Furthering Ease of Doing Business, Benefitting small and medium enterprises.
PM also said, " I congratulate the people of India on the special occasion of GST completing 1 year. A vibrant example of cooperative federalism and a ‘Team India’ spirit, GST has brought a positive change in the Indian economy".
In a major initiative to ease the tax system of the country, the Centre launched the GST on July 1 last year to bring in a unified tax system in the country. The GST bill consists of the CGST Act for the Centre, SGST Act for the states, UTGST Act for Union Territories and IGST Act as Integrated GST Act for the inter-state supply of goods or services.
Launched on the midnight on June 30 by Prime Minister Narendra Modi and the then President Pranab Mukherjee, the taxation scheme aimed at bringing all taxes into a single window along the lines of the 'One Nation - One Tax - One Market' goal. The introduction of the GST has caused an increase in taxpayer base, and also brought in a seamless method for filing taxes, with the help of technology. However, the tax structure has been criticised time and again by the Opposition for its negative impact on small traders and Small and Medium Enterprises (SMEs).
With ANI inputs
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