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GST will make tax evasion difficult: Arun Jaitley
The good and services tax will transform complex indirect tax system into simple system, said finance minister Arun Jaitley on Wednesday.
New Delhi: The good and services tax will transform complex indirect tax system into simple system, said finance minister Arun Jaitley on Wednesday.
He also said that the Goods and Services Tax (GST) will make evasion difficult for the tax evaders.
While praising the landmark legislation, Jaitley said that the GST will be the biggest reform when it’s implemented by 1 July.
On the black-money hoarders, Jaitley said that the GST will act as disincentive to continue with shadow economy, as it will aim to integrate informal economy with the formal economy:
The finance minister said that the size of GDP will be bigger and cleaner once the tax legislation is rolled out.
“India will continue to remain the fastest growing economy and attaining the 7-8% growth is reasonably plausible,” said Jaitley.
