Changes made to GST regime will strengthen economy: Patanjali's Balkrishna

INDORE: Patanjali Ayurved Managing Director Balkrishna today expressed happiness over the sweeping changes made by the Goods and Services Tax ( GST) Council in the new tax regime, saying these steps will strengthen the economy.

"The steps taken by GST Council yesterday following Prime Minister Narendra Modi's initiative have made the new tax regime's dream come true. These measures will strengthen the economy," Balkrishna, India's 19th richest man told reporters on the sidelines of a function here.

"The GST did hurl in transparency in taxation but filing returns under it was cumbersome. The GST Council's relief to businessmen in filing tax and returns will facilitate the new tax regime," he added.

Balkrishna has figured as the 19th richest person in Forbes Magazine's India Rich List 2017 with property worth Rs 43,000 crore.

On this feat, Balkrishna, the close aide of celebrated Yoga guru Ramdev, said "It was Indian culture and its people's victory that a foreign magazine had to sum up the property of Patanjali - a non registered company."

To a poser, he said that his company does have a plan to enter the capital market with IPO right now.

He said that they haven't backtracked from entering the cloth manufacturing segment adding, "we are studying design and quality of fabrics. We are going to foray into this business next fiscal."

Without naming anyone, Balkrishna said that some people are hellbent to discourage their products.