GST will boost trade, bring down inflation: Meghwal
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.
The area after being cleaned.