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Post GST, you will see prices falling: Piyush Goyal

 Power, Coal, Renewable energy and Mines Minister Piyush Goyal has expressed a very positive outlook on GST affirming that post GST, the prices will begin to fall. In an interview to a media wherein he talks about stressed assets, asked about the assessment of GST rollout so far, he says:

Frankly, the smooth way in which it's been rolled out is very redeeming, very satisfying. The technology and systems they've created are outstanding. The business community, traders, industry have all adapted and adopted it in a very supportive fashion. They are willing to appreciate any such transformational change of this dimension never before embarked anywhere in the world is bound to have some transitional issues. All these issues will be placed before the GST Council. Every party has supported it. Parties not in government have also supported it. This is the biggest example of cooperative and collaborative federalism that India has ever seen. It's a shared legacy of the entire country. It belongs to every political party, to every citizen. You will see prices falling of everything. Almost universally, costs are coming down. Average household budgets will be lower.

To another crucial question, ‘Will the government's revenue rise?’ his positive answer is as follows:
Direct and indirect revenue will rise. Jobs will go up. If a truck does 14 trips instead of 10 trips in a month, many more jobs will be created. Logistics is one of the biggest gainers. Corruption and leakages will certainly come down. For example, if excise (department) caught somebody, VAT and income tax would never come to know. Here, sales are being reported honestly, and the system is so beautifully designed that if you don't report your sales honestly, you'll be caught somewhere in the chain. Gradually, we'll move towards an honest society where people will not compete on the ability to evade taxes but on ability to compete on quality of goods, quality of service. That will be the determining factor.

Certainly, I'm quite confident that as revenue goes up, as more compliance is there, funds will be available to serve the poor, farmers, women and youth in a far more efficient way. At some stage, we can start looking at revising some rates to make them more market friendly. Gradually, it will lead to more investment. A lot of foreign investment didn’t come before 2014 because of uncertainty. To my mind, it's a great move.


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