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FM Arun Jaitley Suggests More Reforms After GST Reaches Revenue Neutral Status

News World India | 0
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| October 1 , 2017 , 13:30 IST

Suggesting another reform for the Indian economy, Finance Minister Arun Jaitley on Sunday said that the government will think about another reform after the recently implemented taxing bracket Goods and Services Tax (GST) settles in.

Speaking at the "Foundation Day" event of National Academy of Customs, Indirect Taxes and Narcotics (NACIN) the Finance Minister said that the "bigger economic reforms" can be thought of after the GST regime reaches a revenue neutral status.

He said, "In a society which did not conventionally mind being a non-tax complaint one, people are realising the virtues of compliance which comes with passage of time. This is the reason for tax integration. Once change is established, we will have scope and space for improvement. And once we become revenue neutral, we need to think of better reforms."

He added, "Even reduction of tax slabs under the current GST regime can happen but only after it reaches a revenue-neutral plus status."

The Finance Minister's statement came days after he was accused of 'decelerating' the Indian economy by former Finance Minister Yashwant Sinha in an article in the daily national newspaper Indian Express.

ALSO READ: GST On Petroleum Products, Council To Decide; Union Minister Dharmendra Pradhan

The 79-year-old politician, in his editorial titled 'I need to speak up now' had criticised the central leadership and Finance Minister over demonetisation and GST. He said the actions of the government have largely affected the Indian economy as small businesses and start-ups are struggling to survive.

The article had gained national attention and questions were raised over the BJP government's decisions in this tenure.

The Finance Minister had also defended the demonetisation and GST he attacked the 'former minister' who has turned into a 'columnist'.

In a recent development, Union Minister of Petroleum and Natural Gas Dharmendra Pradhan has also said that the GST Council is mulling over the idea of bringing petroleum products under its arm.