Speaking on the occasion, Lok Sabha Speaker Mahajan said Goods and Services Tax (GST) is the biggest and most important tax reform to have taken place in the country after independence. <br/><br/>She said, GST is expected to completely transform India's tax administration and it is quite possible that during the initial phase of implementation of GST, there may be teething troubles. <br/><br/>Ms Mahajan said, during such testing times, CAG is expected to examine carefully and give feedback and also guide stakeholders specially that the <br/>expected economic benefits of GST are realized. <br/><br/>In his address, Comptroller and Auditor General Shashi Kant Sharma said, due to audit interventions the Union and state governments accepted recoveries amounting to over 39 thousand crore rupees in 2014-15 and actual recoveries effected were 4,500 crore rupees. <br/><br/>He said, a number of recommendations of the CAG have been accepted and implemented by the governments, both at the Union and the state levels.