Goods and Services Tax – GST – Dated:- 22-3-2017 – New Delhi, Mar 22 (PTI) Hopeful of the GST rollout from July 1, Finance Minister Arun Jaitley today said it will create one of the world's biggest single markets and make commodities cheaper and tax evasion difficult. Speaking at the 23rd Conference of the Commonwealth Auditor General, Jaitley said India has hugely a non-tax compliant society and the government banned higher denomination notes to curb the tendency of people to deal in cash that lead to tax evasion as well as terror financing. He said the reform measures undertaken by the government will help India clock 7-8 per cent growth and retain the tag of fastest growing major economy in the world, but challenges remain in volati
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re convenient, Jaitley said. The Union Cabinet this week cleared four supplementary GST legislations which will be introduced in Parliament in the ongoing budget session. The laws which enable this (GST) are now before Parliament which hopefully should get cleared and once they do get cleared then by the middle of this year we hope to see the implementation as far as this law is concerned, Jaitley said. In terms of tax compliances, he said India ranks fairly high as a non-compliant state. Therefore, one of the efforts of the state has been how to bring non-compliance to an end. Once the GST is introduced it will be a great check as far as evasion is concerned, he said, adding that the government has amended direct taxation law by bringing i
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at anonymity disappeared as it had to be deposited in bank. This has also increased the trend towards digitisation of economy, (will) act as disincentive to continuing to deal in a shadow or parallel economy and lead to a further integration of informal with formal economy, Jaitley said. He said the size of India's GDP in the near future will be bigger, size of formal economy will increase and will be cleaner. As regards growth, Jaitley said India would continue to remain amongst the fastest growing economies of the world. For the last three years we have been the fastest growing major economy, we will continue to be in that phase. I think for India to achieve the growth rate of 7-8 per cent is reasonably logically plausible. If big gro
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