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GST is a major financial reform, says CM Naveen Patnaik

GST

Bhubaneswar: Ahead of the special session of Odisha Assembly, lawmakers of the State were enlightened about the Goods and Services Tax (GST) Bill which will be introduced on Thursday for consideration and passing.

Unveiling a workshop organized by the Finance Department here on Wednesday for educating MLAs on the benefit of single taxation, Chief Minister Naveen Patnaik said GST is a major financial reform which would transform the country into one single market. “The ammendment will bring about comprehensive reform of the indirect tax regime in the country and a major financial reform to make India a single market,” Naveen said.

The constitutional amendment in 2016 to usher in the GST was an outcome of a broad political consensus; he said and added that the state has also played an important role in it. “As a member of the GST council, Odisha has been actively participating in the designing of legislations,’’ he said.

The CM said a large number of Central and State taxes will be subsumed into the GST. The cascading of taxes will be minimized and this will result in benefits to business, industry and consumers as well. The Government will get the benefit of higher revenue efficiency through better compliance.

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