Union Finance Minister Arun Jaitley on Wednesday said that "GST will transform complex indirect tax system to simple system" even as he emphasized that the pan India tax regime will make tax evasion difficult.
Union Finance Minister Arun Jaitley on Wednesday said that “GST will transform complex indirect tax system to simple system” even as he emphasized that the pan India tax regime will make tax evasion difficult. Underlining that “GST will be the biggest reform”, he said the Narendra Modi government is trying to implement it by July 1. FM Jaitley reiterated that “demonetisation will act as disincentive to continue with shadow economy”. He also hailed PM Modi’s much debated move to scrap Rs 500 and Rs 1000 notes, saying it ntegrate informal with formal economy. “I can say with sense of confidence, almost every household in India, may be stray exception exists, has access to banking system,” says FM Jaitley. Emphasizing that the size of GDP will be bigger and cleaner, FM Jaitley said, “India will continue to remain the fastest growing economy and attaining 7-8 pc growth is reasonably plausible.”
Union Finance Minister Arun Jaitley was addressing the 23rd Conference of Auditors General of Commonwealth nations and British Overseas Territories in New Delhi this morning. This is the first time India is hosting this prestigious conference.
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The Finance Ministry in a statement said the representatives of the participating nations will look into the scope of leveraging technology in public audit as well as share experiences on environment audit. It said the three-day conference will be attended by 52 Commonwealth Countries and nine British Overseas Territories.
The auditing organizations in these countries come together every three years to discuss the major challenges before them. The last such conference was held in Malta in 2014.
The government yesterday proposed to lower cap for cash transactions to Rs 2 lakh from April 1, make biometric identifier Aadhaar mandatory for filing tax returns and allow cheque-only contributions to electoral trusts as part of its campaign against blackmoney.
FM Arun Jaitley had moved an “unprecedented” 40 amendments to his seven-week old Finance Bill 2017, which were strongly opposed by opposition parties led by the RSP, the TMC and the BJD, which felt the government was tagging along non-tax bills in the legislation to make them Money Bills, obviating the need for a nod from the Rajya Sabha where it does not have a majority yet.
(With agency inputs)