Union Minister for Corporate Affairs, Piyush Goyal, said that the Goods and Services Tax (GST) is a game changer for the small business sector in the country.
Speaking at an event held in New Delhi to celebrate the first anniversary of implementation of GST, Goyal said that enterprises having a turnover of Rs. 20 lakhs are exempted from GST and those with a turnover upto Rs. 1 crore have to pay 1% tax.
In the coming monsoon session the Government is proposing to bring an amendment to extend this limit to businesses with Rs. 1.5 crores turnover, he informed.
The minister termed GST as a Game changer for small businesses.
“Dr. Ambedkar stitched the Nation through one Constitution, Sardar Patel bonded the fragmented Nation geographically, now GST is a landmark reform that has transformed the Nation into an economic union with the motto ‘ONE NATION, ONE TAX, ONE MARKET’,” he said
No other Nation in the world, so huge, with so many regional socio-economic and political interests has been able to implement such a tax reform ever in history, he added.
“This reform has put an end to the illegal activities like tax evasion by simplifying the tax administration and bringing a transformation in the culture among trade and industry in the country towards faithful payment of indirect taxes,” he said.
“The youth of India has embraced the reform with open hands. This tax reform is dedicated to the young generation of India who want to conduct their businesses in a legal and transparent fashion,” Goyal added.
Speaking on reduction of tax slabs under GST, he clarified that the different tax slabs have been decided after due deliberations in the GST Council, keeping in mind the socio-economic make up of this country.
The minister encouraged citizens of the country to help the Government to eliminate the culture of tax evasion and contribute whole heartedly in the success of GST and development of this country