GST aims to bring informal sector under the ambit of formal economy: Union Minister, Piyush Goyal

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The introduction of Goods and ServicesTax (GST) aims to bring the informal sector under the ambit of formal economy. The GST framework captures every transaction from end to end, recording them from source to final destination, leaving no room for uncertainty while promotingtransparency and corruption-freebusiness environment, said Piyush Goyal, Minister of State , Power, Coal, New & Renewable Energy and Mines, at a session on ‘GST-The Indian Economy & the Way Ahead’ in New Delhi on Tuesday. 

 

Alluding to the advantages of bringing sectors under a formal regime, Piyush Goyal further said that GST would enhance the tax base eventually leading to reduction in tax rates. 

The increased revenue from taxes would enable targeted spending towards betterment of poor, old, children and women and other deprived sections of the society. Besides, the government would be able to develop better infrastructure, he added. 

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