Arun Jaitley again assured the general public to not to panic while the income tax department is concerned for those who are exchanging their petty cash in the banks. As the imminent news service interviewed Mr. Arun Jaitley, he himself said that “Small deposits which are made, nobody will face any questions or harassment of any kind. So, people who have small amounts of cash, there has been an Indian tradition to keep some cash always at home for exigencies and emergencies, which is required, they can exchange that; they can deposit that in their accounts. The revenue departments are not going to take notice of small depositors. In any case, deposits which are within the tax exempted limit (Rs 2.5 lakh) can be made into the banking system.”
Also Read- GST India: Origin and Its Fate (In Brief)
While the GST issues being scratched, honorable finance minister mentioned that “We have already sorted out ten issues. The issue of dual control still remains; there is no reason why we will not be able to work out a reasonable solution on this…I do hope we (the GST Council) are able to resolve that through a larger consensus. We are making all efforts to introduce GST from April 1, 2017… GST has to be implemented latest by September 16, 2017, and if it is not implemented by then, states will not be able to collect their share of taxes, and hence there is not enough scope.”
Overall, the reports are positive and finance minister asked for cooperation in this middle of the crisis. The ban is for a positive outcome and every temporary hardship must be endured to fight against the evil of black money, as explained by Arun Jaitley.
