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Wednesday, August 9, 2017

GST TO BRING BUSINESSES UNDER FORMAL ECONOMY AND RING IN BIG TICKET REEFORMS- PIYUSH GOYAL

The Government is not interested in promoting Hybrid cars as they as they help in reducing only little bit of fuel consumption, country is only working towards promoting electric vehicles as that is the future. The decision of GST council to increase cess on mid-size luxury cars including Hybrid is in line with that.

“ The government is working on a road map to ensure all-electric car fleet in the country as the world is moving towards electric vehicles. Only electric car by 2030 as existing cars may take a little longer to replace. But the government is working on a framework to see what we can do on promoting electric vehicle. Niti Aayog is currently tasked with preparing futuristic vision for electric vehicles," said Mr Piyush Goyal, Minister of State for Power, Coal, New and Renewable Energy and Mines while speaking at an Interactive session on “GST- The Indian Economy and the Way Ahead” organised by FICCI Ladies organisation (FLO) here yesterday.

“ Hybrid cars reduced fuel consumption a little bit but the future is all electric cars. I had also recommended to the finance minister that it is not advisable for an intermediate technology which reduces the fuel consumption by a little bit but otherwise that is not the future, the future is all electric cars. The companies that are lobbying for hybrid cars are those who don't have electric vehicles. These companies have come to me also to convince not to oppose hybrid cars. The world is moving towards electric vehicles and the country would promote electric vehicles." He said

“ The increase The implementation of Goods and Services Tax (GST) in the country will help in bringing businesses under formal economy and help strengthen Government’s compliance machinery which started with demonetization last year” said Mr Goyal

“Ít will become extremely difficult for businesses to remain out of the tax net because of "strengthened compliance machinery" and "commercial imperatives" under the proposed GST regime.The compliance machinery will get strengthened and the commercial imperatives will change, and therefore, there is an expectation that a lot more people will come into the formal channel from the informal channel," said Mr Piyush Goyal,

“GST is perhaps the apt topic in the current economic scenario, when the Goods & Services Tax (GST) has been rolled out in India and is said to be the most crucial economic reforms in the country, post-independence. “ said Ms Vasvi Bharat Ram, President , FICCI Ladies Organisation (FLO) while speaking on the occasion.

“With this session, we aim to empower women with enhanced knowledge on GST and the implementation of it in business as also daily lives. This is in sync with the vision of FLO, which is to Change Lives- Women Empowering Women as also with our mission to Promote Economic Empowerment and Equal Opportunity for Women.” Ms Bharat Ram said.

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