De­mon­eti­sa­tion, GST will re­duce cash in sys­tem: Jait­ley

Muscat Daily - - BUSINESS -

In­dian Fi­nance Min­is­ter Arun Jait­ley on Satur­day said that the gen­er­a­tion of cash will be­come dif­fi­cult as a re­sult of de­mon­eti­sa­tion cou­pled with the im­ple­men­ta­tion of the Goods and Ser­vices Tax (GST).

“De­mon­eti­sa­tion cou­pled with the im­ple­men­ta­tion of GST regime will make gen­er­a­tion of cash a lot more dif­fi­cult, help to­wards the ob­jec­tive by cre­at­ing greater com­pli­ance and in­creas­ing digi­ti­sa­tion,” he said at the “Delhi Eco­nom­ics Con­clave 2017” or­gan­ised by the Fi­nance Min­istry.

Jait­ley said that both had led to an in­crease in dig­i­tal trans­ac­tions and a wider tax­payer base for both di­rect and in­di­rect taxes.

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