While attending the African Development Bank’s annual meet on tuesday, the Finance Minister Mr. Arun Jaitley clarified that there is no doubt that the GST will rule out in India from July 1, 2017.
Jaitley also said that in the past 14 meetings of the GST counsil, there had been no single vote arose against the issue apart from the six items and hence the implementation of GST with effect from July 1, 2017 is final.
Jaitly also spoke about the time period that had been taken in the implementation of the GST and said the idea of implementation of GST has been around for past 10-15 years since the days of vajpayee Government and the Government has managed to build a consensus with all the states and the bill was passed in the parliament.
Jaitly said the assessees who are presently registered with multiple tax authorities of State and Center, will see more ease after the few months of GST implementation. Jaitley also spoke about the corruption and said that more interfaces cause more corruption and inconvinience, but after the GST implementation, there will be no face-to-face meeting and everything will go online. The registrations as well as return filing process will be online and the evasion of tax will be difficult in such circumstances.
Jaitly also termed demonetization to be a tough decision that was seemed impossible. We have took a decision that no one dared to take in the past 70 years. With the demonetization the Indian Economy started to depend of digitisation. The digital transaction multiplied which proved to be a big step and a positive outcome of the same came in tax collection.
The black money has been controlled in the market to some extent.
As an effect of the Demonetization, the number of taxpayers increased as compared to the last years numbers of personal income tax returns.The decision that was considered tough has eased into the system he said.
All and all the demonetization and the GST rule out will have a positive effect on the Indian Economy. The Indian digitisation has played a very vital role in the success of the demonetization and now the GST rule out.
All these changes have been made in order to prepare a better India and the GST rule out is also considered to be a much awaited Tax implementation in India.