PM Modi: GST will encourage voluntary tax payment, boost revenue

Prime Minister Narendra Modi, in an exclusive interview to Network18, said the Goods & Services Taxation (GST) Bill is one of the biggest finance and taxation reforms in India since independence. Modi feels most people do not pay taxes due to the complicated process. GST will simplify the entire tax payment process and this will encourage people to come forward and pay tax of their own accord, he said. Besides simplifying tax process, GST will also benefit the common man by doing away with additional cess or taxes they have to pay when eating in restaurants, Modi said. In addition, simplification in octroi will ease movement of goods within states as well as reduce the mistrust between center and states as only one taxation system will exist. It will make the whole process transparent, he said.GST will not only simplify processes for common man, but also help boost the country’s revenues and in turn, boost development, he said.Watch video for the full conversation..