Highlighting the smooth transition of the recently introduced Goods and Services Tax (GST), Finance Minister Arun Jaitley has said the new tax regime transition has been fairly smooth for states as they are adopting it at a fast pace despite attempts to derail its implementation. The FM further expressed optimism about the country and noted that global integration of Indian economy is happening at a time when other economies are becoming more protectionist.
Jaitley said that under the GST the government has unveiled attractive schemes to ensure that the non-compliant in India become compliant. He added that the lowest slab in India is five per cent, which doesn't exist anywhere in the world. That is because of the non-compliant tax character of the Indian society. You make it easy for people to enter the taxation system that you are able to expand. In the GST, for up to 10 million turnover we now have a scheme for them.
Arun Jaitley also highlighted the government's other initiatives like easing FDI norms and Digital India Programme, while asserting that India is now a better place to do business on the back of such initiatives. He also ensured that India is now becoming capable of taking big decisions and implementing them at a large-scale. Besides, Finance Minister noted improvements of infrastructure and power sectors, by saying that as many as 250 highways projects are under construction and the country is now having surplus power along with capacity of Indian ports have been expanded.