GST To Improve India's Business Ranking Further: PM Modi
This ranking takes into account reforms initiated only till May-end and does not reflect the impact of the Goods and Services Tax (GST), which was implemented from July 1
Prime Minister Narendra Modi today exuded confidence that India's ease of doing business ranking will further improve next year when the impact of GST - the biggest tax reform - is taken into account.
Modi said India has in three years jumped 42 places to break into top 100 countries on World Bank's ease of doing business ranking.
This ranking takes into account reforms initiated only till May-end and does not reflect the impact of the Goods and Services Tax (GST), which was implemented from July 1, he said.
The GST has not just integrated the nation of 1.2 billion into one market with one tax rate but also provided a stable and transparent taxation regime, he said.
This reform plus others that have already happened but need gestation and stabilisation time before they are taken into account by the World Bank, will improve the ranking, he said.
All these combined, gives me confidence that India will accompany a place of pride in World Bank's report next year and the year thereafter, he said.
Modi said he does not want to sleep over the 30 place jump this year - the biggest leap by India ever, and want to do more.
He said he has "one life, one mission" of bringing change to India and its 1.25 billion people.
Taking a dig at the opposition leaders for doubting the ranking, he said those who worked with World Bank are now doubting its ranking.
On the GST, he said a group of ministers has positively accepted issues raised by traders and businesses and the GST Council at its next meeting on November 9-10 will make necessary changes.
He listed out the reforms initiated by his government, saying India is swiftly changing for the better.
Tax filing, registration of new business and getting electricity connection have been made easier.
"We are among the most open economies of the world," Modi said.
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