Small businesses will feel more secured under GST: PM Modi

New Delhi, August 8 (KNN) Prime Minister Narendra Modi today said that Goods and Services Tax (GST) means great step taken by India and also a great step of transformation.

Calling small businesses strength of the country, he hoped that consumer and small businesses will gain tremendously and small business will feel more secure with this.

The national Goods and Services Tax or GST will be approved today by the Lok Sabha where the government has a huge lead. It was sanctioned unanimously on Friday by the members of the Rajya Sabha, where the government is in a minority and has struggled to win the opposition's support on major legislation.

"GST means a great step taken by India, a great step of transformation, great step towards transparency," said PM.

Modi thanked all parties for their cooperation in enabling what has been described as his biggest victory since election.

“We need IT preparedness, legal and consumer preparedness”, said the prime minister.

Modi assured that all essential goods used by poor people are kept out of GST net.

“It is true that under GST, manufacturing states may lose revenue. But there are provisions to compensate them”, he said. (KNN Bureau)