NAGPUR : GST is the biggest tax reform in India since Independence. However, there are various dimensions to it. Sharing knowledge of those dimensions is necessary to embracing GST with open arms. Nitin Gadkari, Union Minister for Road Transport, Highways, and Shipping, did exactly that recently.
Gadkari spoke in detail about GST regime, how it will change the Indian economy, how it will change the fortunes for Nagpur, and make public life more transparent while adding robustness to the economy.
“GST regime is beneficial to all in long term. For, there will be increase in revenue of States, enabling them to invest more in infrastructure development. It, in turn, will create more employment opportunities. Besides, widening of tax net will not only increase revenue but also ensure cleaner business transactions. Adding e-governance edge to it will reduce pilferage, and make the systems transparent. In sum, GST is a win-win proposition for all,” said Gadkari.
Speaking on the positive impact that GST will have on Nagpur, the visionary leader with strong emphasis on developmental politics said that GST would make Nagpur the Country’s biggest logistics hub.
“The strategic location of the city will attract national and international companies to set up warehouses and similar facilities in and around Nagpur. GST is going to benefit Nagpur immensely,” he added. As far as Maharashtra is concerned, he predicted that its revenue would go up by 25 per cent.
Further, the Union Miinister added, GST will end the prevalent red-tapism and delays, and pave way for Ease of Doing Business.
Businesses will definitely grow but the manipulators and evaders will have to pay taxes.” This evoked a big laughter from the members of the august gathering, and also applause.
“The new system is so efficient that it will easily trace out those violating GST norms. Hence, it is better for such taxpayers to comply with the norms and fulfill their tax liabilities,” Gadkari advised.
With GST in place, the number of taxpayers will gradually increase, which, in turn, generate more revene for States and Centre. While States like Bihar and Odisha will get additional revenue, Maharashtra is expected to get 25 per cent more because of ‘One Nation, One Market, One Tax’ concept, he explained.
“Central Government under the leadership of Prime Minister Narendra Modi is looking forward to achieve double-digit rate of growth. Goods and Service Tax is expected to play a pivotal role in meeting the set target,” Gadkari added.