Arun Jaitley said that once all other taxes are removed, goods will become slightly cheaper.
New Delhi: Finance Minister Arun Jaitley on Wednesday said goods may become "slightly cheaper" once all other taxes are removed after implementation of the Goods and Service Tax.
Replying to a debate on the four bills related to GST in the Lok Sabha, Mr Jaitley said all other taxes like entry tax in states will be removed once the GST is in place.
"Once all other taxes are removed, goods will become slightly cheaper," he said.
Noting that both the central and state governments are pooling their sovereignty to have this tax regime, he noted that India, despite being one political entity, remained different economic entities with states having different taxes.
"India remained different economic entity. Trucks could be seen waiting outside state border, there was no free flow of goods," the finance minister said.
He also clarified that commodities like food items will have zero tax.
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)
Replying to a debate on the four bills related to GST in the Lok Sabha, Mr Jaitley said all other taxes like entry tax in states will be removed once the GST is in place.
"Once all other taxes are removed, goods will become slightly cheaper," he said.
Noting that both the central and state governments are pooling their sovereignty to have this tax regime, he noted that India, despite being one political entity, remained different economic entities with states having different taxes.
"India remained different economic entity. Trucks could be seen waiting outside state border, there was no free flow of goods," the finance minister said.
He also clarified that commodities like food items will have zero tax.
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.
