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Union Finance Minister at ‘GST Seminar’ at Vibrant Gujarat Global Summit-2017

Centre has taken decision on GST after consultation with 29 states and 90 political parties, says Vijay Rupani

“Centre takes decisive steps to implement GST as a game changer for the Indian economy from April 1, 2017,” said by Arun Jaitley

Gandhinagar, January 11, 2017: Union Finance Minister Arun Jaitely today said that after coming to power two years back the Narendra Modi Government has started taking several bold and decisive steps, possible only with the support of the people and intrinsic strength to overcome challenges and face criticism.

Addressing the seminar on “Goods and service Tax (GST): Game changer for the Indian economy” at the eighth Vibrant Gujarat Global Summit (VGGS-2017) at the convention centre at Mahatma Mandir here, he appealed to the industrial houses, businessmen, consumers and all transparent-loving citizens to make the Indian economy cleaner and larger. The nation cannot leave the footprints of ‘good governance’ in the midway, lest it would amount to just ‘routine governance’.

Going back to the history of introducing GST, Mr. Jaitely recalled that discussion had been initiated on double taxation treaty since 1996, but is eluding decisive implementation, because of amendments sought in the parliament. It remains one of the most important issues necessary for the nation’s economy.   

He cited the example of the Centre enacted the law on Aadhaar last year even as the nation was endlessly discussing the integration of subsidies. Referring to demonetization of high worth notes on November 8 midnight, he said every significant decision initially appear painful but draw the nation’s roadmap for the future. The nation is stepping into digitized economy with transformation of the banking system.

The Union Minister said he was lucky to attend all the Vibrant Gujarat Global Summits since 2003 as the event has emerged as a Forum for Economic Conclave, important for Gujarat’s development and India’s economy.

He along with other dignitaries released a book, titled ‘Vibrant Gujarat Law Book’, prepared by Shardul Amarechand Mangaldas and Gujarat Law University especially for this seminar.

Gujarat Chief Minister Vijay Rupani said that former Prime Minister Atal Behari Vajpayee had first mulled the idea of introducing GST which looks like being implemented now, to benefit Gross Domestic Product (GDP). The decision on GST has been taken after the Prime Minister had consultation with 29 states and 90 political parties, necessary for uniformity in tax structure.

Deputy Chief Minister Nitin Patel said GST as a game changer is not for increasing the revenue of the states but removing the shortcomings and bring about uniformity and simplicity. It has a provision for a Central tax and that for States (IGST) as well.

Union Finance Ministry Revenue Secretary Hasmukh Adhia said that GST will encompass all products the producers and sellers sell through online automated computerized invoice which the consumers could see online, automatic GST return generated invoice. The payment could be made through cheque, cash and credit and debit cards. He complimented the Gujarat Government for the scale and skill of arranging the GST.

Confederation of Indian Industries (CII) President Naushad  Forbes said that GST would bring transparency in goods and service tax transdactions.

Australian Competition and Consumer Commission Forum Chief Allan Fels said spoke at length on his countries tax structure and the treasury did not recover more tax than stipulated.

Gujarat’s Chief Secretary J.N. Singh in his welcome address said that Gujarat is fully prepared to implement the GST, necessary for fast development of the nation, providing a healthy completion among the trading class and remove the shortcomings in the prevailing structure.

Prominent among those present at the seminar included Associated Chamber of Commerce and Industry of India Chairman Sunil Kanoria, Welspun Chairman B.K. Goenka, Gujarat’s Commercial Tax Commissioner P.D. Vaghela, Central Board of Excise and Customs Chairman Najeeb Shah, GST Netwrk CEO Prakash Kumar, Ms Sona Khandhar and Ms Avantika Kanwar.