New Delhi [India], June 27 : NITI Aayog's vice chairman Arvind Panagariya on Tuesday asserted that large proportion of traders have already registered in Goods and Service Tax (GST) and appealed for optimism.
"Let us roll it (GST) out. This is what we have been working for so many years. Let's not be negative about it. Large proportions of traders have already registered in GST. Let's be optimistic and do it. The government has taken enough measures," Panagariya told media. The GST, which is slated to be rolled out on the midnight of June 30, will bring the Indian economy under a single tax bracket.
Six slabs of taxation have been proposed by the council, ranging from zero percent to 43 percent. Initially, it is being said that essential commodities and luxury goods will be taxed separately. The GST is said to be extremely beneficial to consumers, as it will bring down the price of goods and curb inflation.
The GST is also said to reduce the delays in tax payments and ensure more stringent checks on the same.
Source: ANI
