LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Read in App
Business News » India News

Watch: GST rollout improves business efficiency by 30%, says PM Modi

Narendra Modi said crores of people are behind the success of GST and the implementation of the new indirect tax regime is an example of the benefits that can be reaped if there is cooperative federalism in place between the Centre and states.

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Watch: GST rollout improves business efficiency by 30%, says PM Modi
Prime Minister Narendra Modi addresses the Nation on the occasion of 71st Independence Day from the ramparts of Red Fort, in Delhi on August 15, 2017. Photo: IANS
Written By: PTI
Updated: Tue, Aug 15, 2017
12:27 pm
New Delhi, PTI
RELATED NEWS
After PM Narendra Modi's Independence Day speech, Defence Minister Rajnath Singh approves this proposal - All details here After PM Narendra Modi's Independence Day speech, Defence Minister Rajnath Singh approves this proposal - All details here
India Inc welcomes PM's Independence Day announcements - Check who said what India Inc welcomes PM's Independence Day announcements - Check who said what
Ahead of Independence Day: Security beefed up in Delhi-NCR Ahead of Independence Day: Security beefed up in Delhi-NCR
 Noida alert! Traffic advisory for Independence Day - Must keep these things in mind Noida alert! Traffic advisory for Independence Day - Must keep these things in mind
Delhi Police traffic advisory for Independence Day; Avoid these routes till August 15 Delhi Police traffic advisory for Independence Day; Avoid these routes till August 15

The abolition of inter-state check posts after the implementation of GST has reduced time for movement of goods by 30% and saved thousands of crores of rupees, Prime Minister Narendra Modi said today.

The Goods and Services Tax, which unified more than a dozen central and state levies, is a result of cooperative federalism and its smooth rollout from July 1 has increased efficiencies of business, he said.

Addressing the nation from the ramparts of the Red Fort on the occasion of 71st Independence Day, Modi said technology has made the rollout smooth in a short span on time.

"Trucks (carrying goods) are saving 30% (travel) time post GST as check posts have been removed. This has helped save thousands of crores of rupees and more importantly time," he said.

Business efficiency, he said, has increased. "Efficiency has increased in transport sector by 30% and because of GST such a big change has happened," he said.

The biggest tax reform since Independence, GST was rolled out from July 1. The new indirect tax regime has subsumed over a dozen state and central levies like excise duty, service tax and VAT, and has replaced them with four tier tax structure of 5, 12, 18 and 28% for goods and services across the country.

GST has removed inter-state barriers to convert India into a single market where goods and services can flow seamlessly.

State border check posts scrutinised material and location-based tax compliance, resulting in delays in delivery of goods and cause environment pollution as trucks queue up for clearance.

Modi said crores of people are behind the success of GST and the implementation of the new indirect tax regime is an example of the benefits that can be reaped if there is cooperative federalism in place between the Centre and states.

"Technology is a miracle. Some find it astonishing that GST has been rolled out in such a vast country in such short span of time," he said.

He said in initiatives like GST, ease of doing business and cleanliness drive, the Centre and states have worked shoulder to shoulder to make them a success. He said the steps taken by the government will benefit the country and with GST the country will benefit.

Modi said there was a time when the Centre and states used to fight over allocation of urea and kerosene.

The Central government, he said, had a "big brother" approach towards the states. But all this is a thing of past with increased urea production in last three years and alternate LPG and natural gas usage cutting down kerosene demand, he said.

"Since I have myself been a Chief Minister for long, I know that states are important for the growth of a country. I understand the importance of chief ministers and state governments.

"And that is why we focused on cooperative federalism and now competitive cooperative federalism. And now we are taking all decision together," Modi said.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)

ALSO READ

Independence Day: From black money to note-ban, 10 things PM Modi said today

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Independence DayNarendra ModiGSTGoods and Service TaxNarendra Modi speechModi Independence Day speechGST rolloutGST ratestaxpayersGST implementationEconomy
RELATED NEWS
After PM Narendra Modi's Independence Day speech, Defence Minister Rajnath Singh approves this proposal - All details here After PM Narendra Modi's Independence Day speech, Defence Minister Rajnath Singh approves this proposal - All details here
India Inc welcomes PM's Independence Day announcements - Check who said what India Inc welcomes PM's Independence Day announcements - Check who said what
Ahead of Independence Day: Security beefed up in Delhi-NCR Ahead of Independence Day: Security beefed up in Delhi-NCR
 Noida alert! Traffic advisory for Independence Day - Must keep these things in mind Noida alert! Traffic advisory for Independence Day - Must keep these things in mind
Delhi Police traffic advisory for Independence Day; Avoid these routes till August 15 Delhi Police traffic advisory for Independence Day; Avoid these routes till August 15

LATEST NEWS

PUBG update: Alert! PUBG Mobile India may release on THIS date? Here's all you need to know

Garena Free Fire redeem codes update: Check how to grab special redeem codes, free rewards and more

ALERT! SBI names company, says beware of this fake loan provider; has it contacted you?

Tata Sons chairman emeritus Ratan Tata invests in Mailit, a mailroom management and logistics company

Stocks To Buy With Anil Singhvi: NCL Industries and ICICI Bank Futures are Vikas Sethi picks with short-term view

Oppo A74 5G launched in India at Rs 17,990: Check Camera, Specifications, Bank Offers and More

Haryana Schools Closed Latest News Today: Summer vacation announced early in the state due to rise in the number of COVID cases - check all details here

WhatsApp Privacy Policy: Court verdict likely on WhatsApp, Facebook in India soon- Check all details here

In pandemic season, not gold, but cigarettes is where smuggling rings are making big money

ICAI CA Foundation June Exam 2021: Registration starts - check here how to fill in exam form, last date to apply and all other details

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved