GST To Help In Achieving Vision Of Five Trillion Dollar Indian Economy By 2025: Nitin Gadkari

Union Minister for Road Transport and Highways and MSME Nitin Gadkari has said that GST will help achieve the vision of five trillion dollar Indian economy by 2025.

Addressing a webinar on the “GST Day” on the theme 'THE JOURNEY OF GST AND WAY FORWARD - AATMANIRBHAR BHARAT' organised by the Institute of Cost Accountants of India (ICAI), Gadkari said GST is founded on the notion of “One Nation, One Market, One Tax” which has helped and will be helping the trade and industry a lot despite the prevailing pandemic situation, a Ministry of Road Transport and Highways statement said on Thursday (1 July).

Gadkari said GST was implemented from 1 July 2017 and now it has completed four years of its implementation, during these four years a remarkable change is seen in the way the business is being carried out.

The minister said that digitalisation and information technology have an important role to play. He said that for transparent and time bound decision making process performance audit along with financial audit is very important.

Talking about the problems faced by MSMEs, he said that delayed payments are the main cause of concern which has to be resolved.

The minister said that though GST has completed four years there is still room for improvement and added that cooperation, coordination, communication and rectification is needed from all stakeholders.