Chartered Accountants Should Educate People About the New Tax System – DCM Fadnavis.

Nagpur : The Goods and Services Tax (GST) framework has brought numerous positive changes to the country. Over the past seven years, the nation’s tax revenues have more than doubled, leading to the introduction of new laws. Deputy Chief Minister Devendra Fadnavis emphasized today that Chartered Accountants (CAs) should take the initiative to educate the public on tax laws and financial responsibilities, thereby contributing to the broader stream of economic development.

Speaking at the inauguration of a program organized by the Nagpur branch of ICAI, Mr. Fadnavis highlighted that GST has introduced a new tax system in India, resulting in significant positive changes in the economy. While major countries were initially skeptical about the success of this tax system in India, the effective implementation of GST and the establishment of the GSTN network have created a robust system for direct and indirect tax collection. This, in turn, has positioned India as a leader in the global economy. He underlined the crucial role CAs play in India, noting that accountability is inherently tied to the profession. Given this responsibility, he urged ICAI to educate the general public on the tax system, embracing all the economic changes it has brought.

He also mentioned that the country is on the path to eradicating poverty through its taxation system, with 25 crore people lifted out of poverty in the last decade. The effective implementation of the new tax system has put Maharashtra on the path to financial growth, with a planned goal of achieving a $500 trillion economy by the year 2028-29.

Furthermore, Mr. Fadnavis spoke about the global and national transition towards technology and modernity, emphasizing the increasing importance of production-oriented industries and data speed. With the advent of 5G in India and the upcoming 6G network, alongside the growing influence of Artificial Intelligence (AI) across various sectors, the state government has embraced these advancements. AI is now being integrated into Maharashtra’s GST system. Additionally, he noted that the Hindu Hrudayamrat Balasaheb Thackeray Samruddhi Highway has significantly boosted the state’s economy. He expressed confidence that the recent decision by the state government to establish the ‘Nagpur-Wardha National Logistics Hub’ will further accelerate the development of Vidarbha and the state as a whole.