GST is undoubtedly a historical occasion, says Union Power Minister Piyush Goyal

Union Power Minister Piyush Goyal today said that the Goods and Services Tax (GST) is a major transformational step. He said that the GST might lead to a situation where tax incidences would be lower.

"Under the GST regime, tax base will expand. More people will pay tax honestly. The GST experience may lead to lower tax rates in the future while tax revenue will go up," Piyush Goyal said.

The Union Minister further said, "It is undoubtedly a historical occasion. Never ever before this (moment), nation thought of having one single tax after abolishing 17 taxes. No one thought that 29 states and the Centre would take a unanimous decision."