Highlighting benefits of Goods and Services Tax (GST) which is scheduled to be implemented this year, Finance Minister Arun Jaitley has said that GST will provide for better indirect tax administration. Jaitley has also said that GST being a more efficient law will check tax evasion.
Jaitley added that Narendra Modi’s government is treating the black money fight very seriously and in order to curb black money, National Democratic Alliance (NDA) Government has entered into agreements with the US, Switzerland, Mauritius, Cyprus and Singapore.
Finance minister has said that Income Declaration Scheme (IDS) 2016 was highly successful with a 45 percent tax, adding the PAN card requirement for cash transaction beyond Rs two lakh put hurdles on expenditure through black money. He also said that the Benami law legislated in 1988 and never implemented. But now it was amended and has been put into action.