GST impact on business: Union Power, Coal, New and Renewable Energy and Mines Minster Piyush Goyal on Thursday said that there has been a lot of wrong interpretations about Prime Minister Narendra Modi’s idea of ‘One Nation One Tax.’ While speaking to the media earlier today, the Union Minister said that the tension amongst the business community is understandable after such a massive change in tax structure of the country. However, Goyal also stressed on the fact that the tax regime would help the work of making country’s economy strong, successful and honest.
“As the GST has been implemented, I think people should start registering and working, so that we can come to know at what places the bill needs more improvement,” he said while adding that the Central or the State Government cannot individually benefit and bring change from the GST.
Goyal also said that the change would start showing benefits when the whole nation comes together on GST. “The GST is the whole nation’s heritage. The Central and the State Government have discussed the procedure, system, tax rates and how everything will work and I would request everybody to join the GST,” ANI quoted Goyal saying.
Goyal also stated that misunderstandings and rumours are spreading that small traders will have problems because of the GST, but a businessman whose sales is up to Rs 20 lakh are not even brought into the new tax regime. “The small traders don’t have to register for anything, on the other hand Rs 20 lakh composition scheme is given wherein the person in business have to file only one percent tax, where as the industrialist has to pay two percent tax,” Goyal said.
Watch here what the Union Power Minister said:
“I had a long meeting with textile traders yesterday where we discussed about all this and today I am going to meet a lot of traders and people from the business community. A lot of people have appreciated the GST, and have also benefitted from it,” Goyal said.
The Union Power minister also said that the rates of everything a common man buys have deteriorated. “We are trying to bring simplicity to the nation,” Goyal said. Further explaining the benefits levied with the GST, he said check-posts have been removed from 22 states and that due to the new tax regime no kind of authority will disturb small business as everything is simplified now.