On Sunday, the Prime Minister, Narendra Modi expressed his belief and confidence that one day the world would definitely study India’s Goods and Services Tax (GST) experiment.
He said a new sense of confidence was instilled in the entire country after the step at which the transition from the old tax regime to the GST has taken place.
During his radio address ‘Mann Ki Baat’ which will be broadcast every last Sunday of the month, he said, “And some day, the pundits of economics, management and technology will certainly undertake researches and write about India’s GST experiment as a model for the world.”
“It will become a case study for universities across the world. The implementation and furtherance of such a phenomenal change on such a monumental scale, with the involvement of so many tens of millions of people in such a vast country, is in itself a pinnacle of success. The world will definitely make a study of it,” he added.
Modi explained the benefits of GST which has taken place within a month of its implementation. He said goods are being transported much faster and highways have positively become clutter free which has led to a decrease in the level of pollution with the increase in the speed of trucks.
Modi made a point that earlier transport and logistics sectors suffered because of multiple tax structures as a lot of time went in maintaining the paperwork.
He strongly feels the GST has brought in a positive effect by strengthening the economic progress.
Narendra Modi said people are understanding the advantage of the new tax system and they are writing letters to him to inform that the conducting of the business has become easier for them.
Referring to the letters received from various people, he said certain items and essential commodities have become cheaper and most importantly the trust of customers for the traders is increasing.
“GST is a fine example of the collective strength of the people of India. This is a historic achievement,” he stated.
He calls GST as a campaign for social reformation.
