On the first anniversary of introduction of the Goods and Services Tax (GST) regime, Prime Minister Narendra Modi on Sunday termed it as a vibrant example of cooperative federalism.
Lauding the GST, the Prime Minister took to Twitter and said that it has brought a positive change in the Indian economy.
"I congratulate the people of India on the special occasion of GST completing 1 year. A vibrant example of cooperative federalism and a 'Team India' spirit, GST has brought a positive change in the Indian economy," the Prime Minister tweeted.
Prime Minister Modi also stated the GST has brought growth, simplicity and transparency in the Indian economy.
"GST has brought growth, simplicity and transparency. It is: Boosting formalisation. Enhancing productivity. Furthering 'Ease of Doing Business.' Benefitting small and medium enterprises. #GSTForNewIndia" he tweeted.
Echoing the similar sentiments, Finance Minister Piyush Goyal congratulated the nation on completion of one year of the introduction of GST.
"Congratulate the Nation on completion of one year of GST - the most transformative tax reform in India ever. One Nation, One Tax and One Market due to GST has led to economic growth, simplicity for people and transparency in the economy #GSTforNewIndia," he tweeted.
The GST was rolled out in July last year, after months of deliberation.
Launched on the midnight on June 30 by Prime Minister Modi and the then President Pranab Mukherjee, the taxation scheme aimed at bringing all taxes into a single window along the lines of the 'One Nation - One Tax - One Market' goal.
However, the GST has been criticised time and again by the Opposition for its negative impact on small traders and Small and Medium Enterprises (SMEs).
Disclaimer: No Business Standard Journalist was involved in creation of this content
