NEW DELHI: The unveiling of Goods and Services Tax (GST) would make India more competitive both in the local and international markets, said Union Finance Minister Pranab Mukherjee. He allso said that its will be helpful in lowering the cascading effect of taxes.
Mukherjee also stated that GST would offer a stable tax revenue source. The Finance Minister stated that for the consumer, the biggest advantage of the GST would lower the overall tax burden on goods which presently varies in the range of almost 25-30%.
This statements have come while he was addressing the second meeting of the Consultative Committee attached to the Ministry of Finance during the current year here yesterday. The focus of the meeting was 'GST—The Way Forward'. The meeting has seen the participation of Ministers of State for Finance SS Palanimanickam, Minister of State for Finance Namo Narain Meena.
He also stated that the studies display that the unveiling of GST would strengthen the growth rate of Indian economy.