Budget sets stage for GST; aim to make India tax compliant: Arun Jaitley
New Delhi, Feb 3: Finance Minister Arun Jaitley presented the budget on Wednesday, which was praised by the leaders of Bharatiya Janata Party (BJP), but heavily criticized by the Opposition. To this Arun Jaitley on Friday said this Budget comes in the backdrop of important changes such as Good and service tax (GST) and demonetization.
Jaitley clearly stated, our priorities are very clear- Agriculture, rural India, infrastructure, social sector.
About government’s decision in the budget the BJP veteran further said, “every decision that government has taken, has been in the direction of reforming and improving the system.” ” Budgets are no longer being looked as just something to tinker with duties but have actually become policy documents,” added Jaitley.
The finance minister praising his government’s efforts in presenting 4 budgets in 2 years and 8 months.
Also, about the changes in the budget, he described that 3 major changes have been incorporated in the Budget 2017-18 and each of these is based on reasoning. In this budget first time, Rail budget was not presented separately and to this the finance minister stated,” Rail Budget was separated in 1924. Then the size of Rail Budget used to be much higher. Now this was not very useful exercise.”
On curbing black money the BJP leader said our taxation approach is absolutely clear and cap of Rs 3 lakh for cash transaction is to curb black money.
“We are making efforts to make society more tax compliant. If you leave 56 lakh salaried taxpayers, then only 20 lakh people declare their income and pay taxes voluntarily,” Jaitley added in his concluding remark.
-source:- http://www.india. com/business/budget-sets-stage-for-gst-aim-to-make-india-tax-compliant-arun-jaitley-1809058/