GST to make India a simpler, more revenue generating economy

New Delhi:  Niti Aayog CEO Amitabh Kant on Friday said implementation of Goods and Services Tax (GST) will make India a formal, easier and simpler, and a more revenue generating economy.

 

"GST will make India a formal, easier & simpler, a more revenue generating economy & 1 tax, 1 country economy. Will give a push 2 #MakeinIndia," Kant said in tweet.

"GST -- with a simplified compliance model & free flow of goods & services, Indian Startup & E-commerce scene will get a big impetus," he added.

In another tweet, Kant said, "Artificial Intelligence will add $15.7 trillion to global economy by 2030 - more than the combined output of China & India - PwC."

GST will be rolled out nation-wide from Friday midnight, overhauling India's convoluted indirect taxation system and unifying the over USD 2 trillion economy with 1.3 billion people into a single market.