On the first anniversary of the GST regime, Prime Minister Narendra Modi on Sunday hailed the tax as a tool that has brought growth, simplicity and transparency in the country.
PM Modi took to Twitter and wrote, “It is boosting formalisation, enhancing productivity, furthering ‘Ease of Doing Business’, benefitting small and medium enterprises.”
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“I congratulate the people of India on the special occasion of GST completing 1 year.
A vibrant example of cooperative federalism and a ‘Team India’ spirit, GST has brought a positive change in the Indian economy,” he said in another tweet.
In his recent Mann Ki Baat radio address which aired in the last week of June, PM Modi had described the Goods and Services Tax (GST) as a fine example of cooperative federalism.
He had termed it as a “festival of honesty” which has ended ‘inspector raj’ in the country.
On 1 July 2017, the Centre had launched the ‘one nation one tax’ regime that has since gone through a roller-coaster ride with the verdict divided over its efficacy. After one year of GST, while some have labelled the regime – which was designed to replace the confusing indirect tax grid – as complex and cumbersome, others have hailed it for removing the multiple indirect taxes and bringing a single tax structure for the $2-trillion economy in a country of 1.3 billion people.
Also Read | Year of GST : Hits & misses, timeline and everything else you want to know
The GST, as a concept, is not unique to India and is the standard indirect tax system in developed economies including Malaysia, Singapore, Canada and Hong Kong.
GST has now replaced over a dozen central and state levies including factory-gate, excise duty, service tax and local sales tax or VAT. Aimed at modernising Asia’s third largest economy, the GST is India’s biggest tax reform in 70 years of independence.
In other tweets, the prime minister also greeted doctors on Doctors’ Day.
“Theirs is one of the noblest professions of humanity. It is gladdening to see Indian doctors distinguishing themselves globally and being at the forefront of pathbreaking research and innovation,” he said.
He also wished Chartered Accountants on CA Day.
“Widely recognised for their work and emphasis on corporate governance, the CA community has a vital role in nation building. May the CA community keep contributing towards India’s growth,” he tweeted.
