With demonetisation and shifting the announcement of Union Budget to February 1 upsetting the opposition parties, the chances for the roll-out of the goods and services tax (GST) by April, 2017 was doubted by many. While FM Arun Jaitley has not clarified exactly whether this date will be missed or not, he has gone on record to say that the year 2017 would see GST being implemented. He also said that GST will be a fine tool in the hands of the authorities to catch those who are generating their wealth illegally. Arun Jaitley in his blog today said, “GST, to be implemented this year, will provide for better indirect tax administration and will be an efficient law against tax evasion.”
Saying that the Narendra Modi government is treating the black money fight very seriously, Jaitley added, “NDA Government has entered into agreements with the US, Switzerland, Mauritius, Cyprus & Singapore to curb black money.”
Here are top quotes of FM Arun Jaitley:
1. Tragedy that national party like Congress decided to adopt a political position (on demonetisation) to oppose both technology, change & reforms.
2. The period of pain and inconveniences is getting over. Economic activity is being restored (after demonetisation).
3. Black money law dealing with illegal assets outside India opened window for disclosure with 60% tax. It provides 10-year imprisonment.
4. The Narendra Modi government had absolute clarity from day one that it would move against the shadow economy and black money.
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Commenting on the progress of demonetisation across the country, Jaitley said, “When 86 per cent of a country’s currency, constituting 12.2 per cent of its GDP, is squeezed out of the market and sought to be replaced by a new currency, there would obviously be significant consequences of that decision,” adding that the queues outside the banks have disappeared and remonetisation has moved ahead.