GST NEWS
GST has reduced barriers between states, says Kovind
GST has reduced barriers between states, says Kovind
Nov 14, 2017

President Ram Nath Kovind said today that the introduction of Goods and Services Tax (GST) was a milestone and the new regime has reduced barriers between states, creating a more formal economy.

Inaugurating the 37th India International Trade Fair (IITF) at Pragati Maidan here, he said the country is recognised as a bright spot of the global economy and the world has acknowledged the change in its business environment.

"Introduction of GST has been a milestone and it has broken down barriers between states. It has provided a boost to the creation of a common market and a more formal economy as well as a stronger manufacturing sector," Kovind said.

Due to these efforts, he said, foreign direct investment (FDI) in the country increased to USD 60 billion in 2016-17 from USD 36 billion in 2013-14.

The President also said that the focus of India's economic reforms and policies is to eliminate poverty and enhance the prosperity of millions of ordinary families.

"After all, trade must help common people. They are the ultimate stakeholders," he added.

Listing the government initiatives such as Make in India, Digital India, Start Up India, Skill India and Smart Cities, he said that these steps are an attempt to make economic reforms more meaningful to those at the grassroots.

GST, which subsumed more than a dozen central and state levies like excise duty, service tax and VAT, was implemented from July 1.

About the IITF, Kovind said as many as 3,000 exhibitors including 222 foreign companies, domestic firms, public sector units and states are participating in the fair.

This year, 'Startup India Standup India' is the theme of the fair. The 'Partner Country' is Vietnam and the Focus Country is Kyrgyz Republic.

These countries, the President said, are important trade and strategic partners of India.

Source :  The Times of India

Top Stories
Taxpayers can now change email, mobile number under GST system. Here's how to do it
The government has introduced a new system to allow taxpayers to update email and mobile number in t...
Jun 14, 2018
2251 Views
GST Return Filing: Why are central staff lagging states, asks Union Finance Secretary Hasmukh Adhia
With the GST Network, the IT backbone for the goods and services tax (GST), turning out to be a repo...
Jun 7, 2018
388 Views
GST trouble: Assessees told to explain mismatch of ITC claimed in GSTR-3B, GSTR-2A
A large number of assessees under the GST have received notices from the tax department asking them ...
May 30, 2018
424 Views
Centre to provide financial help to SGPC to offset GST on langar
The Centre on Friday decided to provide special financial assistance to the Shiromani Gurdwara Parba...
Jun 1, 2018
205 Views
Textile industry leaders meet Finance Minister over GST issues
Leaders from the textile sector met Union finance minister Piyush Goyal and finance secretary Hasmuk...
Jun 6, 2018
224 Views
Articles on GST