'GST is in place to strengthen the economy,' says Vice President Venkaiah Naidu

File photo of Vice-President Venakaiah Naidu. Photograph:( Others )

WION Web Team Delhi, India Jan 24, 2018, 01.44 AM (IST)

Vice President M. Venkaiah Naidu noticed the significance of Goods and Service Tax on Tuesday.

Naidu noted that the tax is in place to strengthen the economy.

While speaking at the inaugural session on a seminar on 'Contemporary issues and challenges in Finance, Marketing and Taxation' in Hyderabad, the vice president noted that the tax "reveals the cost to the manufacturer and benefits the consumer by the reduction in price." 

He noted that it is not only the producers who benefit from GST, the retailers will also reap benefits as no sales without a bill eliminates corruption. 

"5.9 million people have registered to file GST and 20.2 million people pay taxes. Microfinance, cashless payments are increasing and strengthening the economy. Everybody is responsible for making the change and we should take everyone's opinion," he added.

"Even after 70 years of independence there prevails discrimination in our country. In spite of the development of technology, we have to remember our guru. Google cannot replace guru. We should not forget our originality although we learn many other languages. We should love our mother tongue," added Naidu. 

(With inputs from PTI)