GST laws, rules to be finalised by end March, says Revenue Secretary Adhia
The Finance Minister Arun Jaitley on Friday ruled out a re-think on the budget proposal to levy a surcharge of 10 per cent on those individuals with taxable income of Rs 50 lakhs to Rs 1 crore in a year.
"There is equity in the wealthier paying more and I have given data in the budget speech to show how non-tax compliant we are as a society", Jaitley said at the post-budget interactive session with industry associations in the capital.
Jaitley was responding to Confederation of Indian Industry President Naushad Forbes submission that the 10 per cent surcharge proposal should not have been there in the budget as it was "not in the spirit of rewarding honest taxpayers".
GOODS AND SERVICE TAX
Jaitley assured industry representatives that the CentralGST and iGST bills will be introduced in the second half of the budget session.
To a question from Nihal Kothari, who heads Assocham's indirect taxes committee, as to when the laws and rules on GST will be finally ready for industry to prepare itself to adopt to the new framework, Revenue Secretary Hasmukh Adhia said it will be ready by March 31 this year.
The Goods and Services Tax Council will next meet on February 18 to sort out the remaining issues and finalise the relevant Bills.
REVENUE TARGETS
Jaitley also said that the revenue targets (12 per cent overall increase) for 2017-18 was quite realistic and achievable. He also said that expenditure had not been cut in 2016-17 to maintain fiscal discipline.
Finance Minister also said that the Government would continue to come up with more steps against the shadow economy.