New Delhi: Finance Minister Arun Jaitley stated that Goods and Services Tax (GST) has reduced the tax burden on the masses and hence it is a win-win situation for all.
While interacting with the media, Jaitley went on to say: “Tax net has expanded. The country’s market has been integrated. Inspector raj is over. The tax burden on the masses has gone down. It is a win-win situation for all.”
Pitching the GST as a beneficial move for the country, the Finance Minister further went on to say that the GST was in the interest of people and states as well as the latter will get 80 per cent of the revenue leading to more development.
There was no longer tax on tax and the transport of goods across the country was going unhindered now, he said.
Jaitley stated that more than one crore firms will be migrating to the new tax regime against around 80 lakh companies earlier.