GST will boost trade, bring down in­fla­tion: Megh­wal

Hindustan Times ST (Jaipur) - - Front Page - HT Cor­re­spon­dent htraj@hindustantimes.com

GST WILL SIM­PLIFY A WEB OF TAXES, REG­U­LA­TIONS AND BOR­DER LEVIES BY SUBSUMING AN AR­RAY OF CEN­TRAL AND STATE LEVIES IN­CLUD­ING EX­CISE DUTY, SER­VICE TAX AND VAT

Union min­is­ter of state for fi­nance Ar­jun Ram Megh­wal has said that Goods and Ser­vices Tax (GST) will boost trade and re­duce in­fla­tion and as­sured that it will be im­ple­mented from July 1.

Megh­wal, who was in Kota on Sun­day night on a per­sonal visit, while an­swer­ing a query on the dis­plea­sure of traders re­gard­ing GST said that GST will make busi­ness eas­ier and it will be en­forced from July 1 this year.

“Traders need not panic from GST as it will boost trade and busi­ness,” he said. He said that traders with an an­nual turnover of up to ₹20 lakh are al­ready be­yond the purview of GST whereas traders with a turnover of above ₹20 up to ₹75 lakh will also have not to pay tax as per the nor­mal GST rate.

He said that GST will lead to uni­form tax­a­tion in the coun­try which will have lo­gis­tic ben­e­fits and also hu­man in­ter­ven­tion will be less as traders will not have en­coun­ters with of­fi­cials.

He said that at present de­liv­ery of goods take time due to dif­fer­ent tax­a­tion in the states and in­ter­ven­tion of of­fi­cial but when there is only one tax then goods will reach on time and also it will be cheaper.

“GST will lead to a re­duc­tion in in­fla­tion,” claimed Megh­wal.

“The GST Coun­cil has re­duced the tax rates of 66 items and the Union govern­ment is work­ing with an open mind since it in­tends to in­crease the tax net,” he said. About the ben­e­fits of de­mon­e­ti­za­tion, he said that peo­ple are pleased with it as it has hit hard on the 23.7% par­al­lel econ­omy run­ning in the coun­try.

On the de­po­si­tion of de­mon­e­tized notes dur­ing de­mon­e­ti­za­tion, Megh­wal said that Re­serve Bank of In­dia (RBI) is mak­ing an as­sess­ment of the cur­rency de­po­si­tion dur­ing de­mon­e­ti­za­tion and will cer­tainly pub­lish its fig­ures. Two teenaged boys drowned in a pond while tak­ing bath in Kis­hangarh po­lice sta­tion area of Ajmer district.

Shakti Pratap Singh (15) and Ar­maan (14) were tak­ing bath in a 15 feet deep pond near Janana Hospi­tal, the po­lice said.

The duo went in deep wa­ter af­ter which they drowned, in­ves­ti­gat­ing of­fi­cer in the case, Bab­u­lal said.

HT PHOTO

The area af­ter be­ing cleaned.

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