Book re­lease

The Hindu Business Line - - FRONT PAGE - PTI

Fi­nance Min­is­ter Arun Jait­ley on Wed­nes­day said that the re­cently in­tro­duced Goods and Ser­vices Tax (GST) regime will have an im­pact on di­rect taxes too, in­di­cat­ing that col­lec­tions of di­rect taxes could swell once GST gets im­ple­mented in full force in com­ing days.

“The im­pact of GST will not only be on indi­rect taxes, but on di­rect taxes also. The pos­si­bil­ity of de­tec­tion of es­caped in­come is high as GST ush­ers in trans­parency,” Jait­ley said af­ter re­leas­ing a Wolters Kluwer book on in­come tax here.

He high­lighted that the ex­tent of com­pli­ance would get clearer when the GST im­ple­men­ta­tion gets into the sphere of ‘match­ing of Bills’ for in­put tax credit pur­poses.

“It will pay you (tax­pay­ers) to be hon­est,” Jait­ley added.

He high­lighted that there is only one colour of money left in the coun­try. “If you look at each of the steps which we have been tak­ing — we first gave an op­por­tu­nity for peo­ple hold­ing money out­side the coun­try to de­clare and come clean. We have rewrit­ten many of the treaty pro­vi­sions that fa­cil­i­tated round trip­ping (Mau­ri­tius, Cyprus and Sin­ga­pore). And we have also im­ple­mented the Be­nami Law,” he said.

From a pe­riod of 1988 to 2014, the Be­nami Pro­hi­bi­tion Law passed by Par­lia­ment was never im­ple­mented. Jait­ley also un­der­scored the need to re­duce the quan­tum of cash in the econ­omy. He said that the de­mon­eti­sa­tion ex­er­cise un­der­taken in Novem­ber last year had helped in­crease the in­come tax base of the coun­try.

Shireesh Sa­hai, Chief Ex­ec­u­tive Of­fi­cer, In­dia, Wolters Kluwer, a leader in in­for­ma­tion ser­vices and so­lu­tions for pro­fes­sion­als in health, tax and ac­count­ing, said that the gov­ern­ment’s dig­i­tal­i­sa­tion drive and reg­u­la­tory changes in re­cent months had pos­i­tive im­pact on the econ­omy.

Three pil­lars

“The three pil­lars of Dig­i­tal In­dia, Skill In­dia and Make in In­dia are en­shrined in our growth strat­egy in In­dia,” he told Busi­nessLine.

Sa­hai said that most of Wolters Kluwer so­lu­tions are cloud based and avail­able on smart­phones. “We are de­vel­op­ing soft­ware in In­dia that caters to the rest of the world. Nearly 700 peo­ple out of the 1,000 pro­fes­sional work­force we have are en­gaged in soft­ware devel­op­ment,” he said.

Fi­nance Min­is­ter Arun Jait­ley with Jus­tice AK Sikri launch­ing a book ‘Con­cise Com­men­tary on In­come Tax’ in New Delhi on Wed­nes­day

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