GST has brought transparency to business & controlled price rises, PM Modi tells traders
In his address to a traders convention in New Delhi recently, Prime Minister Narendra Modi said the implementation of Good and Services Tax (GST) has brought transparency in doing business, ANI reported.
He added that India has jumped 65 places in ease of doing business to end at the 77th rank. “In the coming years, our target is to reach the 50th rank in ease of doing business,” he added.
He explained that there is now a control on price rises as “98 percent of things are under the 18 percent GST tax slabs.” Modi also urged youth to think of innovative ways to develop their businesses.
“Mudra Yojna has also helped more than 4.5 crore new entrepreneurs to get a loan. Through the BHIM app, we made sure that businessman earned through digital transactions," he said.
Speaking about the MSME sector, Modi added, “Rs 19,000 crore has been given as loans to boost this sector in the past five years. We also want to eliminate 'Inspector Raj' in the country so that income tax assessment processes will be without any human interference.”
“Under Jan Dhan Yojna, two lakh people have opened their bank accounts. Under Mudra Yojna, one lakh people get loans,” he added.
Last week, Delhi BJP chief Manoj Tiwari had informed the media that a traders’ association would organise the event to express gratitude to Prime Minister Modi.
On April 8, the BJP had released its manifesto or ‘Sankalp Patra’, which promised to establish 'National Traders Welfare Board' for Micro and Small Enterprises (MSEs). It also stated that to protect the interests of small traders, accident insurance of Rs 10 lakh will be provided to all the traders registered under GST.