New Delhi: With Goods and Services Tax (GST) Government completing four years, union Minister Nitin Gadkari said on Thursday that this tax reform was “much needed”, while noting that there is room for improvement in the indirect tax regime.
Gadkari, who has Ani MSME Along with road transport, the ministry further said that there is a need to build consensus with the states to bring petroleum products and alcohol under the GST regime as the country has a federal structure.
At an event organized by the Institute of Cost Accountants, he said, “This tax reform (GST) was much needed, although we have completed four years of GST, I think there is room for improvement and we can do it with the support of stakeholders. can make it better.” Government of India (ICAI) on GST Day
A nationwide GST, which includes 17 local levies such as excise duty, service tax, and tub, was launched on 1st July, 2017.
Gadkari, who is known for expressing his candid views, also lamented that some of the problems related to GST are still plaguing the MSME sector.
The minister said that when MSMEs bill any material and deliver them to the firms, it is the responsibility of the MSMEs to see whether they receive the payment or not, they are required to deposit the tax.
“And in the government, especially with MSMEs, there are a lot of problems, their delayed payment is a big problem for us. And all the small MSMEs are already facing problems,” he said.
The Road Transport and Highways Minister said that there is a need to find a way so that people can get some relief.
“Why that state governments, State Government Undertakings, Central Government, Central Government Undertakings, various departments, major industries and big people are not paying their payments (to MSMEs), there are delays in payments, that is one of the reasons why we have so many economic issues. Gadkari noted.
The Minister said that GST will help in achieving the target of 5 trillion dollar economy by 2025.
He said that GST is founded on the notion of “one nation, one market, one tax” which has helped the trade and industry a lot despite the current pandemic situation.
The Minister said that digitization and information technology have an important role to play.
He said that process performance audit along with financial audit is very important for taking transparent and time bound decisions.
The minister said that in less than three years, 2 billion e-way bills were generated.
Gadkari said that India has full potential to become the world’s number one economy.
Counting the achievements of his ministry, he said, “We are giving top priority to infrastructure development in the country. We are constructing 38 kms of roads per day. We are building green highways.”
The Minister stressed on the need to create more jobs and said that for this reason, the country needs more investment and up-gradation in technology.
Gadkari lauded ICAI for conducting regular webinars, seminars, various courses for various stakeholders across the country so that learning and re-learning new subjects is the need of the hour to survive in the new normal.
Gadkari, who has Ani MSME Along with road transport, the ministry further said that there is a need to build consensus with the states to bring petroleum products and alcohol under the GST regime as the country has a federal structure.
At an event organized by the Institute of Cost Accountants, he said, “This tax reform (GST) was much needed, although we have completed four years of GST, I think there is room for improvement and we can do it with the support of stakeholders. can make it better.” Government of India (ICAI) on GST Day
A nationwide GST, which includes 17 local levies such as excise duty, service tax, and tub, was launched on 1st July, 2017.
Gadkari, who is known for expressing his candid views, also lamented that some of the problems related to GST are still plaguing the MSME sector.
The minister said that when MSMEs bill any material and deliver them to the firms, it is the responsibility of the MSMEs to see whether they receive the payment or not, they are required to deposit the tax.
“And in the government, especially with MSMEs, there are a lot of problems, their delayed payment is a big problem for us. And all the small MSMEs are already facing problems,” he said.
The Road Transport and Highways Minister said that there is a need to find a way so that people can get some relief.
“Why that state governments, State Government Undertakings, Central Government, Central Government Undertakings, various departments, major industries and big people are not paying their payments (to MSMEs), there are delays in payments, that is one of the reasons why we have so many economic issues. Gadkari noted.
The Minister said that GST will help in achieving the target of 5 trillion dollar economy by 2025.
He said that GST is founded on the notion of “one nation, one market, one tax” which has helped the trade and industry a lot despite the current pandemic situation.
The Minister said that digitization and information technology have an important role to play.
He said that process performance audit along with financial audit is very important for taking transparent and time bound decisions.
The minister said that in less than three years, 2 billion e-way bills were generated.
Gadkari said that India has full potential to become the world’s number one economy.
Counting the achievements of his ministry, he said, “We are giving top priority to infrastructure development in the country. We are constructing 38 kms of roads per day. We are building green highways.”
The Minister stressed on the need to create more jobs and said that for this reason, the country needs more investment and up-gradation in technology.
Gadkari lauded ICAI for conducting regular webinars, seminars, various courses for various stakeholders across the country so that learning and re-learning new subjects is the need of the hour to survive in the new normal.
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