GST brings long term gains

Amaravati, June 08: Finance Minister Yanamala Ramakrishnudu has been expressed his comments on newly implemented GST regime. He said that GST is short-term pain and bring long-term gains.

Addressing an awareness meet on the GST organised here on Friday by the Commercial Taxes Department, he said GST was the most desirable tax reform doing away with multiple taxation and cascading effect.

There was consensus among tax experts worldwide on GST as it would promote ease of doing business, the Finance Minister asserted.

He termed the apprehensions of critics as unfounded while admitting that there would be some teething problems in implementation.

It was the right time to implement GST as debate and discussion went on for nearly 14 years, he said, disagreeing with the view that it should be postponed for some more time.