GST: No surprises while fixing tax rates, promises FM Jaitley

Finance Minister Arun Jaitley on Friday promised that no surprises will be given while fixing tax rates under Goods and Service Tax (GST). 

Jaitley, who was speaking at an event organised by CII in Delhi, said that GST process is at the final stages. The government has set the target for the new tax regime to rollout by July 1, 2017.

"We are in final stages of framing domestic manufacturing policy in defence. The response from domestic, global comapnies is encouraging," Jaitley said. 

FM @arunjaitley : We need to improve our manufacturing sector where we have to cover a distance.

— Ministry of Finance (@FinMinIndia) April 28, 2017

"Benefits of the growth should percolate down to the most poor sections of the society," he added. 

FM @arunjaitley : Benefits of the growth should perculate down to the most poor sections of the society.

— Ministry of Finance (@FinMinIndia) April 28, 2017

Moreover he also said that the benefit of of tax reduction under GST should be passed on to consumers. "Profit or profiteering is not a bad word but benefits of low taxes must be passed on to cosumers at large," Jaitley said.

FM @arunjaitley : Profit or profiteering is not a bad word but benefits of low taxes must be passed on to cosumers at large.

— Ministry of Finance (@FinMinIndia) April 28, 2017

Pitching for bringing more people under tax umbrella, he said, "Some tough steps are necessary to make India a tax compliant society."

Further, as the government is forcing to make Aadhaar card mandatory and battling the case with the Supreme Court, Jaitley said that unique identity will be most preferred way to move forward in the world rather than going back to obsolete ideas.

FM @arunjaitley : Unique identity will be most preferred way to move forward in the world rather than going back to obsolete ideas.

— Ministry of Finance (@FinMinIndia) April 28, 2017