GST will make goods cheaper, says Jaitley
|Source: The Hitavada Date: 23 Mar 2017 09:04:21|
HOPEFUL of the GST rollout from July 1, Finance Minister Arun Jaitley on Wednesday said that 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 that 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 volatile global oil prices, reviving private sector investment and health of state-owned banks.
With regard to GST, he said, the new indirect tax regime will ensure seamless transfer of goods and services, while stronger information technology backbone will make evasion difficult.