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Scrapped 1,500 laws in 5 years: Modi to traders
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SME Times News Bureau | 20 Apr, 2019
In the middle of the ongoing general election, Prime Minister Narendra
Modi on Friday said the NDA government scrapped over 1,500 laws in the
last five years to ease business operations in the country.
Slamming
the Congress, he said before his government came in, Congress-led
governments insulted traders and that the business community had to face
"laws of jungle and jungle of laws".
On the Goods and Services
Tax (GST), he said the new tax regime brought in transparency and
revenue of states increased by one-and-a-half times. The number of
registered traders rose twice after GST was introduced, he said.
The
government has been addressing traders' concerns with GST Council
meeting every two months and reviewing the rates. As a result, most of
the essential products are now in the zero tax slab, and around 98 per
cent goods and services are below the 18 per cent slab, Modi said.
The
Prime Minister said that as the country jumped 75 places to the 77th
rank globally in terms of ease of doing business in the last five years,
he aims to reach the 50th position in the next half decade.
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