We Must Look at Long Term Benefits of GST: Piyush Goyal

Union Minister for Power Piyush Goyal said that despite some initial difficulties faced by businesses and industries following implementation of Goods and Services Tax (GST), it will be beneficial for the tax system in the long term and it will lead to ease of doing business.

“Whenever we adapt to any new change it is bound to bring all sorts of initial problems. GST is country’s biggest reform oriented change. This is redefining our approach towards economy,” says Piyush Goyal, “MSMEs are the pillar of our nation’s economy, they are the main beneficiaries of major reform oriented steps such as GST.”

Addressing a workshop on Micro, Small and Medium Enterprises and Government, Dialogue for Development, a state-level convention of MSMEs organised by Laghu Udhyog Bharati, the Minister said that participation of all sections of society will lead to development of small industries.

He asked stakeholders to unite for the development of nation as well as industries. Mr Goyal said that due to GST all information regarding purchases and sales will automatically be available for the department and that will control tax evasion.

The GST Council has taken into consideration the needs of poor, farmers, women and citizens and fixed affordable GST rates, he added. Om Praksash Mittal, national president of Laghu Udhyog Bharati, Bhushan Vaidya, national vice-president of Laghu Udhyog Bharati and other dignitaries were present on this occasion.