Wednesday, March 22, 2017

Trying To Implement GST From July 1 Says Finance Minister Arun Jaitley | Universal Links

Posted by Babji Shaik  |  at  3:18 PM No comments

Trying To Implement GST From July 1 Says Finance Minister Arun Jaitley



Finance Minister Arun Jaitley said on Friday he hoped to launch the biggest tax reform on July 1, which would make goods and services cheaper and tax evasion difficult.
The finance minister also said achieving a growth rate of 7-8 percent is plausible and if economies recover worldwide, then the country's growth rate may continue to rise. Demonetization, said Jaitley, will act as a disincentive to continue to deal with the shadow economy, and integrating informally with the formal economy will increase the size of GDP and make it cleaner. What are the benefits of GST?
"The biggest tax reform we are trying to implement from July 1 is the Tax on Goods and Services ..." It will increase the volume of taxes, there will be taxes on taxes and therefore will make goods, commodities And services a little cheaper and far more convenient, "said Jaitley at the 23rd General Conference of Auditors of the Commonwealth here.

He said the tax department is trying to make the spine of I-T so strong so that evasion becomes difficult and therefore the only limited number of cases are taken for scrutiny. "The laws that allow this (GST) are now before Parliament, which we hope will be clarified and once clarified, we expect to see implementation in this regard by the middle of this year," Jaitley said.

Once implemented, what is currently the most complicated tax system in the world will become one of the simplest tax systems in the world, Jaitley said. The Union Cabinet this week approved four supplementary GST legislation to be presented to Parliament in the current budget session.
As for growth, Jaitley said India would remain one of the world's fastest growing economies. "For the last three years we have been the fastest-growing economy, we will continue to be in that phase. I think that for India to achieve the 7-8 percent growth rate is reasonably logically plausible." World we can probably push up, "says PTI.

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