A senior Rajasthan administration official has hailed the new tax regime, asserting that "GST can be said to be the biggest economic reform in the history of independent India".
Additional Chief Secretary (Finance) DB Gupta, while referring to economist Adam Smith, said that taxation system should be transparent and easy. He said that GST conforms to Adam Smith's economic theory.
With the implementation of GST, adequate funds will be available for the implementation of public welfare schemes being run by the government and for building infrastructure, he said.
"GST can be said to be the biggest economic reform in the history of independent India. Tax revenues will also increase due to the implementation of GST," he said.
Meanwhile, Rajasthan Chief Secretary Ashok Jain, who was also present during one-day training programme of administrative officials here, also backed the new tax regime.
"Good and Services Tax (GST) can be new to us, but it has been implemented in 165 countries of the world. Administrative officials should be aware of the basic information about GST which will be useful during discharge of their duty," Jain said.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)