GST great example of state, union working hand in hand: Suresh Prabhu

    Panaji:  Union Minister for Railways Suresh Prabhu today said that Goods and Services Tax (GST) which was rolled out recently was a great example of state and union working hand in hand. Speaking at a GST Summit convened by ASSOCHAM at Goa Chamber of Commerce and Industries (GCCI) in the city, he said GST would benefit to common people and nation as a whole. Besides bringing uniformity in taxation at different levels and different states, the GST had potentials to increase the GDP by 30-50 per cent, he said, adding the increased GDP would add about 20 trillion rupees in the system and government would get about two trillion in terms of taxes which would not remain locked in government coffers, but would be put into economy. GST was the first instance in India where the Union Government and the state governments were willing to part with their power of taxing the trade, he said. Earlier, ASSOCHAM’s National Council for SME Chairman Manguirish Pai Raiker, in his welcome address, said the path breaking reform would help in ease of doing business. There could be initial teething trouble but eventually there would be smooth transition, he said and complemented the government revenue departments in taking proactive steps in making awareness and conducting training programs. Commercial Tax Commissioner Deepak Bandekar, GST Commissioner K Anpazhakan answered the quarries raised by the members present. Konkan Railway CMD Sanjay Gupta also attended the summit.   (UNI)