NEW DELHI: Finance Minister Arun Jaitley on Tuesday said that a single rate for Goods and Services Tax (GST) cannot work at the moment, news agency PTI reported. He added that the GST compliance is going to be made simpler.
Since the implementation of the nation’s biggest tax structure, the GST Council has tweaked the rules a number of times, in a bid to make its framework more friendly and compliant.
He also shared his views on the recent banking frauds — Punjab National Bank, Bank of Baroda and Oriental Bank of Commerce. The finance minister stated that “Banks have become cautious due to some incidents in last few years as many of them have been at the receiving end of their clients”.
On the economic front, Jaitley said that with policy changes accompanied by a supportive global environment, the country has potential to grow by more than 7-8 per cent.