New Delhi, June 27: As Goods and Service Tax Bill is about to come into form from 1st July, nation is geared up. Through this GST many eight states from the North-East are supposed to benefit. Earlier Union Minister of State for Development of North Eastern Region (DoNER) Dr Jitendra Singh said that GST will help eliminate ‘Bribery’ and ‘Corruption’ in NE.
While addressing a congregation on the theme "Development of North-Eastern Region" organized by National Housing Development Organization at Pragati Maidan, GST will offer these States an opportunity to realize fiscal growth in tandem with the more developed states of India and thus make up for their own shortcomings, said Dr. Jitendra Singh. Further he added that the Union Government’s target of "Housing for All by 2022" will also gain momentum through reinforced State ex-chequer, consequent to the supplementation of the tax-pool following the implementation of GST.
In the history of 70 years of independent India, GST is perhaps one of the most meticulously and diligently worked out reform which took several months and years before it assumed its present, final shape, he said. Dr Jitendra Singh described GST not only as a revolutionary economic reform, but the opening up of a new chapter in the working of Indian Republic’s federal system. The Central government has established a new benchmark in decision making by following a formula of 3/4th majority in GST Council, out of which 2/3rd essentially has to be represented by the States.
Earlier Jitendra Singh also asserted that GST will bring down tax on several goods and contrary to a perception held in certain quarters, the rollout of GST from 1st of July will bring a huge relief to the poor and lower middle class by resulting in a tax rate lower than the present tax rate.