Finance Minister Arun Jaitley on Friday said the scope for generation of black money will become difficult once the Goods and Services Tax (GST) is implemented. Jaitley addressed a post-Budget interactive session with Industry Associations at Vigyan Bhavan in the capital today. “Draft bills on GST to be introduced in the second leg of Budget session. My target is to finalise those drafts and take them in the second part of budget session of Parliament,” said Jaitley, adding that there were several issues in terms of policy in relation to the draft GST legislations.
“Now the main policy issues (with regard to CGST and IGST) over 9 meetings have been put to rest. Final drafts are now being prepared and once they are circulated with the legally vetted language, those drafts will have to then go to Parliament and state legislature (for SGST) for approval. “We will meet on 18th of this month. Hopefully, my target currently is to finalise those drafts and take them in the second part of the budget session in Parliament,” Jaitley said. The GST Council has fixed the four-tier structure of 5 per cent, 12 per cent, 18 per cent and 28 per cent.
Meanwhile, Revenue Secretary Hasmukh Adhia, who was also present at the session, said that GST laws, rules to be finalised by March-end; rates may be decided in May-June.
The GST, once implemented, will be the biggest reform in India’s indirect tax structure since the economy began to be opened up 25 years ago.