GST rollout: Union Power Minister Piyush Goyal on Tuesday, while addressing an event organised by ABP News on the GST Bill, has said that the nation’s wait for the Goods and Services Tax (GST) is finally over. Goyal made the comment just days before the GST bill is to be rolled out. Goyal while addressing the event, which had earlier been addressed by Union Finance Minister Arun Jaitley and Union Surface Transport Minister Nitin Gadkari said, that the new tax regime will simplify the tax structure in India despite what some people may be saying. The minister added that the new tax structure will combine many existing taxes into one.
Goyal while addressing the event said that the Goods and Services Tax will reduce the work of businesses by reducing the number of taxes from 11 to one. The minister added that taxes such as excise tax, sales tax, income tax, etc will now become just a single tax.
The minister added that the Goods and Services Tax Network (GSTN) will make filing returns and make book keeping very easy. The Power Minister said that a business will now only have to keep a single sales register and not multiple registers for multiple departments such as excise, sales tax, income tax, etc; this will simplify the taxation process.
Piyush Goyal also said that the GSTN will make it very difficult for people to cheat on taxes as an entry on the GSTN will auto populate the sales register of the entity with which the trade has been made. This process will help keep a tab on transactions and will make it very difficult for people to commit tax fraud.