NEW DELHI: With the Tax Regime of Goods and Services (GST) who completed four years, Union Minister Nitin Gadkari on Thursday said this tax reform was “very important” while observing that there was room for improvement in indirect tax regimes.
Gadkari, who holds the MSME portfolio along with road transportation, further said there is a need to build consensus with countries to bring oil and alcohol products under the GST regime as a federal structure.
“This tax reform (GST) is very important even though we have completed four years GST, I feel there is room for improvement and we can make it better with stakeholder support,” he said at an event organized by the Institute of Cost Accountants from India (ICAI ) On GST days.
The National GST, which launched 17 local levies such as customs, service tax, and VAT, was launched on July 1, 2017.
Gadkari, known for expressing its views, also regretting that some problems related to GST are still troubled by the MSME sector.
The Minister said when MSME collected any material and gave them to the company, then it remained the responsibility of the MSME that whether they received payment or not, they were asked to deposit taxes.
“And in the government, especially with MSMEs, there are many problems, their delayed payments are a big problem for us.
And all small MSMEs have faced problems,” he said.
Road transportation and Minister of Highways say there is a need to find a way out so that some help can be given to people.
“Because the state government, the state government, the central government, central government business, a different department, large industry, and great people do not provide their payments (to MSMEs), payment is delayed there, it is one reason we have a lot economic problems, “Gadkari said.
The Minister said GST would help achieve a goal of $ 5 trillion in economics in 2025.
He said GST was established in the idea of ​​”one nation, one market, one tax” that has helped and will help a lot of applicable pandemic situations.
The Minister said digitalization and information technology had an important role to play.
He said for transparent decision making and time bound, the audit process of performance along with financial audits is very important.
The minister showed that 2 billion e-way bills were produced in less than three years.
Gadkari noted that India has all the potential to become the number one economy in the world.
“We provide the highest priority for infrastructure development in this country.
We are building 38 km of roads per day.
We made a green highway,” he said while registering the achievement of his ministry.
The Minister stressed the need to create more work, and said therefore, the state requires more investment and increased technology.