Jaitley: GST from July 1 | Fusion - WeRIndia

Arun Jaitley, the Finance Minister said that he is expecting GST to be rolled out from July 1.

GST is one of the biggest tax reforms witnessed by the country and people have a lot of high expectations.

After rolling out, it is expected to make goods and services cheaper while making tax evasion difficult.

Jaitley also said that the growth rate of 7-8 per cent is rather possible for the country. He said that if global economies pick up, then the country’s growth rate can go up further.

Jaitley talked about the effects of demonetization and said that it was crucial in their fight against the shadow economy. He said that the GDP increases and becomes cleaner by integrating informal with the formal economy.

He added that the government is trying their best to implement Goods and Services Tax (GST) from July 1. This biggest reform from the government will increase the volume of taxation.

It also removes tax on tax which makes goods, commodities, and services cheaper and convenient.

Jaitley was speaking at the 23rd Commonwealth Auditors General conference when he announced this. The main purpose of this tax is to make income tax much stronger so that there can be no tax evasion.

He said that the laws required to pass GST are now being discussed by the Parliament. He said that hopefully all necessary clearings would be passed and the GST would be launched by the middle of this year.

The minister said that implementing GST will turn the most complicated tax system in the world to one of the simplest tax systems in the world.

The Union Cabinet has already cleared four supplementary GST legislations which will be introduced in Parliament in the current budget session.

Jaitley assured that India will remain one of the fastest growing economies of the world.

Image credit: Arun Jaitley image by Deccan Herald is licensed under CC BY 2.0

Image Reference: https://www.flickr.com/photos/144157974@N04/35623632595