Indian Economy News

Prime Minister Mr. Narendra Modi hails GST for furthering 'ease of doing business' in 5 years. Read here

GST revenue increased by 56% to more than Rs. 1.44 lakh crore (US$ 18.22 billion) in June, according to a report on July 1 from the Press Trust of India, which quoted Minister of Finance and Corporate Affairs, Ms. Nirmala Sitharaman.

Prime Minister Mr. Narendra Modi praised the tax reform and claimed that GST created "ease of conducting business" as the Goods and Services Tax (GST) entered its fifth year. He also claimed that the GST reform realised the goal of "One Nation, One Tax."

The Goods and Services Tax (GST) went into effect on July 1, 2017, at exactly midnight.

The picture that accompanied the post noted that 13 cesses and 17 major taxes have been merged into the GST. Additionally, it has promoted accountability and transparency. It praises the one-nation, one-tax system while mentioning how the GST reform has made registration simple and refunds quicker.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.

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