Contrary to certain misconceived notions in certain quarters, GST will offer these States an opportunity to realize fiscal growth in tandem with the more developed states of India and thus make up for their own shortcomings.
This was stated here today by the Union Minister of State (Independent Charge) for Development of North Eastern Region (DoNER), MoS PMO, Personnel, Public Grievances, Pensions, Atomic Energy and Space, Jitendra Singh during a media interaction on GST rollout .
Earlier, while addressing a congregation on the theme "Development of North-Eastern Region" organized by National Housing Development Organization at Pragati Maidan, he said,the Union Government’s target of "Housing for All by 2022" will also gain momentum through reinforced State ex-chequer, consequent to the supplementation of the tax-pool following the implementation of GST.
In the history of 70 years of independent India, Jitendra Singh said, GST is perhaps one of the most meticulously and diligently worked out reform which took several months and years before it assumed its present, final shape.
It is also perhaps for the first time, he said, that a Union Minister, in this case the Union Finance Minister, sat side-by-side with the Finance Ministers of each State and each Union Territory of India to work out the smallest and minutest details with absolute unanimity. In case where the absolute unanimity was not forthcoming on a certain point, a series of meetings were held to achieve consensus, he added.
To that extent, Jitendra Singh described GST not only as a revolutionary economic reform, but the opening up of a new chapter in the working of Indian Republic’s federal system.
The Central Government, he said, has established a new benchmark in decision making by following a formula of 3/4th majority in GST Council, out of which 2/3rd essentially has to be represented by the States.
When asked about the possible inconveniences during the early transition phase after July 1st, Jitendra Singh said, there is no need either to panic and said, it is only like any other transition in one’s routine happening at any other level as well, like, for example, whenever an individual or family changes the place of residence, in that case too, there are initial hesitations and it takes time to get used to the new order.
Jitendra Singh also emphasized the need to highlight that with the kind of exemption limit available, many of the traders and many of the middle-class businessmen may not fall in the gambit of GST and thus may not have to pay any tax. Similarly, those trading in exempted items like Dal / Pulses etc, would also be required neither to pay tax nor to file return.
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