Union Finance Minister Piyush Goyal today stated that the Goods and Services Tax (GST) is the best example of cooperative and collaborative federalism in the world.
He further mentioned that the successful implementation of the new tax regime in the country shows India is ready for bigger reforms that would lead to long term benefits.
“GST is the best example of cooperative and collaborative federalism anywhere in the world. It shows that India is ready for bigger reforms. People of India understand what is necessary for their long term gains,” Goyal said during the ‘GST pe Charcha’ session with traders here.
“This is the biggest financial reform in the world considering India is such a huge country with more than 125 crore people, so many states ruled by different political parties, each of whom has a different point of view,” he said.
Terming implementation of GST a massive step towards simplifying the tax collection process in the country, the Minister said its full benefits are yet to be felt by manufacturers and traders.