GST’s real effect could be felt in 3 months: Jaitley

NEW DELHI: Calling GST a win-win deal, finance minister Arun Jaitley on Wednesday said the new tax regime will smoothen business operations, augment revenue and end ‘inspector raj’ while eventually bringing down prices for the common man.

 Speaking at the BJP parliamentary party meeting, Jaitley said prices of goods had come down between 4-8% since the rollout of GST from July 1. He said the real effect could be felt after three months.

The FM said there was no longer ‘tax on tax” and transport of goods across the country has been going on unhindered now. “More than one crore firms will be migrating to the new tax regime against around 80 lakh companies earlier,” he said. Jaitley allayed fears of the MPs saying the new tax regime will be more beneficial for the states.

External affairs minister Sushma Swaraj separately briefed party MPs on recent foreign visits of PM Narendra Modi and said no Indian PM had ever received the kind of welcome in the US like Modi did (from President Donald Trump).
Swaraj gave a detailed presentation on recent visit of Modi to the US and Israel as she termed the visits as one of the most successful since heads of both the countries offered a warm welcome to the visiting PM.

source: http://gst.financemitra.co.in/wp-admin/post-new.php