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  3. GST roll out from July 1 to make goods cheaper, tax evasion difficult: Arun Jaitley

GST roll out from July 1 to make goods cheaper, tax evasion difficult: Arun Jaitley

23 Mar 2017 Evaluate

Expressing hopes that a new nationwide goods and services tax (GST) will be rolled out from July 1, Union Finance Minister Arun Jaitley has said that it will create one of the world’s biggest single markets, make goods and services cheaper and tax evasion difficult. He also said that India's indirect taxation regime, which is currently the most complex in the world, will transform into a simplified one with the implementation of GST.

Finance Minister has said that the biggest taxation reform will increase the volume of taxation, there is no tax on tax and therefore makes goods, commodities and services little cheaper and far more convenient, and it will also act as a great check on tax evasion. He further said that 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 added that the tax department is trying to make the I-T (income tax) backbone so strong so that evasion becomes difficult and hence only limited number of cases are taken up for scrutiny.

As regards growth, Jaitley said that India would continue to remain amongst the fastest growing economies of the world. He also said that achieving a growth rate of 7-8 percent was plausible, and if economies picked up globally, then the country’s growth rate could go up further. But challenges remain in volatile global oil prices, reviving private sector investment and health of state-owned banks. Despite being one political entity, India currently is not a single economic entity as there are multiple layers of taxation that make goods costlier. GST - first proposed in 2006 - will replace at last 17 state and central levies.


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