GST will accelerate growth and ease of doing business, says Nitin Gadkari

Published by Team@HostBooks at July 23, 2017

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NAGPUR: The Goods and Services Tax (GST) will accelerate the growth and ease of doing business and help in nation building, Union minister Nitin Gadkari said on Sunday.

“GST will remove the red-tapism and corruption and will bring in transparency in the system,” the Shipping minister said at the inaugural ‘Gopal Krishna Gokhale Memorial’ lecture

“Till a few days ago 75 lakh (traders/businessmen) have registered for the GST and it is the biggest economic reform that the the country has witnessed wherein, 17 taxes and 22 cesses have been cancelled,” he said.

“India has a logistic cost of 18 per cent, while China has a logistic cost of 8 to 10 per cent and that is a reason, why we are not that competitive in the export market,” he said.

“Export and manufacturing will get a big boost by GST. Maharashtra’s revenue will increase by 25 per cent and illegal trading will come to a standstill,” he added.

The nationwide GST was rolled out from July 1.

(Source: Times of India)

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Arpita Bora is leading the content writing team at HostBooks Limited. She has pursued her Masters in Commerce. With over 4.5 years of experience in technical and creative writing, she specializes in both long and short-form digital content.