Rollout of GST reforms to bring transparent economy, says FM

The planned rollout of goods and services tax (GST) reforms will lead to an open and transparent economy and further reduce compliance burden, making it easier for small businesses to thrive, Finance Minister Nirmala Sitharaman said on Tuesday ahead of the GST Council meeting.

- Ruchika Chitravanshi

The 56th GST Council meeting, scheduled for September 3-4 in New Delhi, is set to discuss one of the biggest tax overhauls since the GST regime was rolled out in 2017.

Speaking at the 120th Foundation Day Celebrations of City Union Bank in Chennai, the FM called upon banks to not only expand credit, but provide momentum for infrastructure development through trust, technology and transparency.

Sitharaman said that all banks should ensure timely and need-based funding for MSMEs, bringing the unbanked into the fold of formal banking.