New Delhi, Aug 8 (KNN) Goods and Services tax (GST) is helping the informal sector become a part of the formal economy, Minister of State for Power, Piyush Goyal said adding that GST keeps track of each and every transaction end to end, leaving no case for uncertainty.

This hold of the new tax on the economy is likely to facilitate transparency in the structure and also eliminate corruption that used to exist under the previous tax regime.

The Minister further said that the GST enables a friendlier ecosystem in the country in terms for doing business as an entrepreneur would  prefer an economy that has less of loopholes and more of honesty and transparency.

Highlighting the reform Goyal said that in the long run the tax base would increase which would reduce the tax rates substantially. The increased revenue would be channelized for the different sectors of the economy.

Also a better infrastructure could be established both for the industry as well as the society.

Goyal was speaking at a session titled Economy & the Way Ahead’ organised by FICCI Ladies Organisation (FLO).

Goyal also appealed to the Women Entrepreneurs who were present during the meet to take up GST with enthusiasm and set examples for the industry. 

The Goods and Services tax was implemented on July 1, marking it as the biggest tax reform in the country since independence. (KNN/ DA)