Home India GST to cause fall in prices – Piyush Goyal
GST to cause fall in prices – Piyush Goyal

GST to cause fall in prices – Piyush Goyal

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Union Minister for Energy and Mining, Piyush Goyal has stated that GST will increase government’s revenue and help create more jobs.
Piyush Goyal, union minister for renewable energy and mines, has claimed that once GST is implemented properly, there will be fall in prices. He was speaking in an interview to a leading daily. He also claimed that the first phase of GST has been rolled out smoothly and over time, it will help end corruption and create jobs in various sectors.

Speaking further on this, the union minister appreciated the system and technology implemented in GST and termed the implementation as a path breaking one. He added that a majority of traders and businessmen have adapted to the changes in tax structure and they are helping the government in a smooth implementation of GST. He appreciated the approach of business leaders towards GST by adding that the industry body of the country has been vocal about supporting such transformational changes for the country.

Talking about the long term impact, he added that prices of goods will come down in the coming time. According to him, the country has started to see the prices falling and that will help bring household budgets lower.

Though he accepted that an implementation of such scale will have some initial issues, however, he assured that the issues will shortly be addressed with the help of concerned departments and the industry body.

Talking about the impact on the government’s revenue after GST, he stated that the direct and indirect revenue will rise. According to him, logistics sector is one of the biggest gainers after GST and the change will create a lot of jobs in the coming months. Also, the corruption will decline as all the sales will be reported honestly. Businesses not reporting their sales honestly will be caught under the system.

Source: theindianwire

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Anand Gupta Editor - EQ Int'l Media Network

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