Interaction with Shri Piyush Goyal on GST- The Indian Economy and the Way Ahead

FICCI Ladies Organisation (FLO) organised an interaction with Shri Piyush Goyal, Hon’ble Minister of State for Power, Coal, New and Renewable Energy and Mines, Government of India on “GST- The Indian Economy & the Way Ahead”.

This is perhaps the apt topic in the current economic scenario, when the Goods & Services Tax (GST) has been rolled out in India and is said to be the most crucial economic reforms in the country, post-independence.

FLO President Vasvi Bharat Ram said, “With this session, we aim to empower women with enhanced knowledge on GST and the implementation of it in business as also daily lives. This is in sync with the vision of FLO, which is to Change Lives- Women Empowering Women as also with our mission to Promote Economic Empowerment and Equal Opportunity for Women.”

Shri Piyush Goyal is the Minister of State with Independent Charge for Power, Coal, New & Renewable Energy and Mines in the Government of India. He is currently a Member of Rajya Sabha and was earlier the National Treasurer of the Bharatiya Janata Party (BJP). He headed the BJP’s Information Communication Campaign Committee and oversaw the publicity and advertising campaign of the party including the social media outreach for the Indian General Elections 2014.

Shri Goyal said that the newly-introduced Goods and Services Tax (GST) is crucial for promoting transparency and a corruption-free business environment in the country. The GST framework captures every transaction from end to end, recording them from source to final destination, leaving no room for uncertainty,” said Goyal.
Alluding to the advantages of bringing sectors under a formal regime, Goyal said GST would enhance the tax base which will eventually lead 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.

“The GST would create a level playing field by removing discrepancies from the system with the help of technology. Earlier, with multiple taxes in place, it was easier to evade taxes but the GST framework makes it necessary for businessmen to record each transaction,” he said.

Ms Bharat Ram further added, “FLO believes that the resources and strengths of women need to be channelized, to help their full potential. It acts as a catalyst for the social and economic advancement of women and society at large. Educational and vocational training programmes, talks, seminars, panel discussions and workshops on a vast range of subjects especially concerning women and business are a part of this process. “

She added, “While we are happy that goods like Bindi, Sindoor, Kajal, Bangles which are specifically used by women come under no tax slot. But, Sanitary products— that is useful to every woman but isn’t accessible as widely has been made tougher to access because of its hiked up tax rate. This is something that we would request the government to look into as sanitary pads are not a luxury, it is a necessity for women. ”