IA NEWS NETWORK / RAIPUR
Union Finance Minister today said, through the newly started Goods and Services Tax (GST), attempt is to progress towards an online, transparent system of assessments, to improve the compliance of taxpayers.
Addressing a workshop on GST organised by Chhattisgarh government in Raipur, he said GST will improve people’s enthusiasm in compliance, by minimising interference and corruption in the system.
Mr Jaitley said, India had never been integrated in economic terms before GST. Asserting that multiple indirect taxes are considered regressive throughout world, he said, over time, around 17 indirect taxes & 23 cesses were created in India. He added, with multiple indirect taxes; interfaces & procedures multiplied, complications and thereby corruption also increased.
The Finance minister criticized people advocating single rate of GST for all goods & services, saying that they did not have understanding of economic inequality in India. Refuting attacks by some people on social media, he explained, in the mathematics of Input credit, a wheelchair with 5 per cent tax can actually be cheaper than had it been with zero per cent tax.
Mr Jaitley reiterated that an honest taxpayer has nothing to fear in GST regime. He said, only those traders are criticizing GST rates, who fear that their trade volume will get disclosed. Chhattisgarh Chief minister Dr Raman Singh was also present on the occasion.