“The biggest taxation reform what we are trying to implement from July 1 is GST. It 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.”
Union Finance Minister Arun Jaitley on Wednesday said he was hopeful of rolling out the Goods and Services Tax (GST) from July 1, which will make goods and services cheaper and tax evasion difficult.
The Union Cabinet, chaired by Prime Minister Narendra Modi, on Monday cleared four GST bills – Central GST bill, Integrated GST bill, Union Territory GST Bill and State GST bill.
The GST Council has already approved a four-tier tax slab structure of 5, 12, 18 and 28 percent. An additional cess will also be levied on demerit goods, which includes goods like luxury cars, tobacco products and aerated drinks.
As regards growth, Mr. Jaitley said India would continue to remain amongst the fastest growing economies of the world.
“For the last three years, we have been the fastest growing major economy, we will continue to be in that phase. I think for India to achieve the growth rate of 78 per cent is reasonably logically plausible. “If big growth returns to the world we probably can push upwards.”
Combined inputs from The Hindu and Moneycontrol, 22 March 2017