President Ram Nath Kovind said that the government will continue to take steps for further simplification of GST.Addressing the joint sitting of both Houses of Parliament, the president said that with the implementation of GST, the concept of ‘One country, One tax, One market’ has become a reality.
He said that keeping in mind the interest of traders, accident insurance of up to Rs 10 lakh will also be provided to all traders registered under GST. Kovind also said for small traders, the government will soon constitute the National Traders Welfare Board and formulate a National Retail Trade Policy to promote retail business.
He added that along with continuous reform, simplification of taxation system is also being emphasised and that exemption to persons earning up to Rs 5 lakh from payment of income tax is an important step in this direction.
