In India, Prime Minister of India Narendra Modi, launched Goods and Service Tax yesterday. In 70 year history of India, this has become the biggest reform took place in India. This reform will definitely have a major impact on businesses.
The goods and service tax (GST) wasnt just one of Indias biggest economic reform but a social reform that was set to transform the country by increasing tax compliance and dramatically reducing the burden on the poor, said Prime Minister of Indian, Narendra Modi.
Pranab Mukherjee, President of India also shared his views at the launch event that this historic moment is the culmination of the 14-year long journey that began in December 2002.
Pranab Mukherjee, President of India also added that he was closely occupied in the design and implementation process of GST. He termed GST as disruptive change and said that GST would give a boost to economic efficiency, tax compliance and domestic and foreign investment.
GST is a tax for a new India, a digital India, said Modi. This reform will not only bring ease in doing business buy also highlights the way of doing a business.