GST to broaden the tax base and lower the tax rates: Pranab Mukherjee

GST to broaden the tax base and lower the tax rates: Pranab Mukherjee

Finance Minister Pranab Mukherjee at the meeting of the Empowered Committee of State Finance Minister here on 10 Nov,Tuesday said that the merits of GST are well-known. It will re-distribute the burden of taxation equitably between manufacturing and services bringing about a qualitative change in the tax system. With the minimisation of exemptions, it will broaden the tax base and lower the tax rates. By switching to the destination principle, the distortions will be reduced fostering a common market across the country. The compliance cost will come down and our trade and industry will become more competitive leading to an increase in exports and lower prices for domestic consumers.

Courtesy: Ministry of Finance