The GST and demonetisation have come hand in hand to make a complete change in the economy of the country for a better reason while the results of demonetisation are still not out but the overall attack on the black money is considered praiseworthy. And with this, the Union budget also saw a delay and has got its date on February 1, giving a sad layer of impression over the political parties.
The GST has been viewed as a helping hand in finding any tax leakage currently prevailing in India at a wider level, and while the union finance minister Arun Jaitley is backing up the April deadline for implementation of the GST, he is still in the dilemma of the date and assures of implementation in this year itself anyhow. He mentioned in his blog that, “GST, to be implemented this year, will provide for better indirect tax administration and will be an efficient law against tax evasion.”
Also Read: GST Impact on Service Sector in India
He was seen admiring the Prime Minister Narendra Modi for his war against the black money and the steps he took abruptly for the good faith of economy and the general public and added that “NDA Government has entered into agreements with the US, Switzerland, Mauritius, Cyprus & Singapore to curb black money.”
He was putting forth some equally intelligent statement which was measured from all the point. Few of them are, “The period of pain and inconveniences is getting over. Economic activity is being restored (after demonetisation) and “The Narendra Modi government had absolute clarity from day one that it would move against the shadow economy and black money.”
Arun Jaitley is the man with a witty brain the solution to the overall turmoil caused by demonetisation, as he was sure to keep track of all the progress mentioned some good aesthetics and positive moves to the agenda. He said that “When 86 percent of a country’s currency, constituting 12.2 per cent of its GDP, is squeezed out of the market and sought to be replaced by a new currency, there would obviously be significant consequences of that decision.”
