“GST will bring transparency and honesty in the system,” said Finance Minister Piyush Goyal chairing the 28th GST Council Meeting. This is ought to be the first time when Piyush Goyal chaired the meeting of GST Council after taking charge as Finance Minister in the absence of Arun Jaitley.
Addressing the 28th GST Council meeting in New Delhi, Piyush Goyal said that better compliance and honest implementation of GST tax structure will benefit people at large as they will get various goods and services at cheaper rates. Asserting GST as an example of cooperative federalism, Piyush Goyal thanked the states and union territories for rising above politics and extending wholehearted support in the implementation of the new indirect tax regime.
Adding that GST is the biggest ever tax reform, the Finance Minister acclaimed it to be implemented on such a vast scale in a country of such wide diversity as India. The Minister said that one of the major decisions of today’s Council Meeting would be that it resolved to thank125 crore people of the country for their wholehearted support and cooperation in successful implementation of GST on pan India basis despite some problems.
The Council had chalked points in consideration to the reduction in tax rates on the host of items with low revenue implications as part of the tax rationalization exercise. The items which could be considered for cutting of tax rates might include sanitary napkins, handicrafts, and handloom goods. The Council will take up the issue of rationalization of taxes in view of demand raised by stakeholders.