MADURAI: Union Finance Minister Mr.Arun Jaitley on Sunday (July 30th 2017) reiterated that the historic GST Act will ultimately do only good to the country in the long run because it expands the nation’s tax base and if there are any grievances from traders or business establishments they will be sorted out.
“Honest man need not worry with the GST…from now on there is no survival for shell companies and we can check tax evasion effectively. Several checks have been created in the tax monitoring system and after the Demonetisation decision, ushering in the GST is another great reform done in India,” he said while speaking at a meeting in Chennai on July 30th 2017.
Mr.Jaitley clarified that if someone has been honestly filing tax returns year on year, he or she has nothing to worry and the multiple interface in India’s tax system is over now with the GST which came into effect from July 1st 2017.
“Now, the tax payer’s interface is with software only….the indirect tax system underwent a major reformatory transformation….there is no human interface. So, if tax payer is honest, there is no reason why he should worry at all,” he added.
TO EXPAND TAX BASE:
The Union Finance Minister has said that the tax base of India expands with the GST as the country gets more resources. “File your tax online, be honest with income sources, and understand the impact of the manner in which the tax architecture is designed after GST….from now on we will have ethical business manners only….this is a great reform,” he added. This GST will have influence on indirect and direct taxes as well.
Mr.Jaitley said that it is people who are compelling for reforms to restore honesty in every sphere. “We will learn with every passing day…if there are issues concerning the GST and your grievances, we will consider with an open mind,” he assured.