New Delhi: As the countdown to implementation of GST has begun, various Union Ministers , including Finance Minister Arun Jaitley gave their expert opinions and views on the much awaited "One country one tax" system at ABP News' GST summit on Tuesday.
Here are major takeaways:
- GST will bring in more investment,will increase growth rate: Niti Aayog Vice-Chairman Arvind Panagariya
- There will be initial confusion for a month due to the new tax system but there's nothing to panic: Gadkari
- Better mobilisation of resources under
#GST is good news for States as they will get more funds, explains CM Chouhan
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- Inflation won't rise since GST will be lesser than previous tax rates: Jaitley
- Post September 15, 2017, Centre won't be able to collect excise, service tax, States can't collect VAT: Jaitley
- Traders, manufacturers and restaurants with an annual turnover of Rs 20 lakh to Rs 75 lakh can opt for the composition scheme and pay tax at one per cent, two per cent and five per cent respectively: FM Jaitley
- FM Arun Jaitley begins his introductory speech on GST. Watch LIVE
Along with Finance Minister Arun Jaitley, Union Minister Nitin Gadkari, Madhya Pradesh CM Shivraj Singh Chouhan and Niti Aayog Vice-Chairman Arvind Panagariya will help resolve their queries regarding GST implementation.
Touted as the biggest taxation reform since Independence, GST will unify 16 different taxes including excise, service tax and VAT, and come into effect from July 1.