Union Finance Minister Arun Jaitley on Wednesday said that “GST will transform complex indirect tax system to simple system” even as he emphasized that the pan India tax regime will make tax evasion difficult. Underlining that “GST will be the biggest reform”, he said the Narendra Modi government is trying to implement it by July 1. FM Jaitley reiterated that “demonetisation will act as disincentive to continue with shadow economy”. He also hailed PM Modi’s much debated move to scrap Rs 500 and Rs 1000 notes, saying it ntegrate informal with formal economy.
Union Finance Minister Arun Jaitley was addressing the 23rd Conference of Auditors General of Commonwealth nations and British Overseas Territories in New Delhi this morning. This is the first time India is hosting this prestigious conference.
The Finance Ministry in a statement said the representatives of the participating nations will look into the scope of leveraging technology in public audit as well as share experiences on environment audit. It said the three-day conference will be attended by 52 Commonwealth Countries and nine British Overseas Territories.
The auditing organizations in these countries come together every three years to discuss the major challenges before them. The last such conference was held in Malta in 2014.
(With agency inputs)