New Delhi, Jun 20 (UNI) President Ram Nath Kovind said on Thursday emphasized the need of further simplifying the process of taxation and said it plays an important role in accelerating economic development.
In an address to the joint sitting of both the Houses of Parliament, Mr Kovind said exemption to persons earning up to Rs 5 lakh from payment of income tax is an important step in this direction.
He said similarly, indirect tax system was also being made simple and effective. With the implementation of GST, the concept of ‘One country, One tax, One market’ has become a reality. Efforts to further simplify the GST will continue.