17 April, Washington
Finance Minister Arun Jaitley has said that India is on its way to have a modern and friendly tax system after the NDA government at the Centre initiated a series of administrative and legislative reforms. He said, such a modern tax system, which is friendly to the people and businesses, will be a key to realising the goal of double digit growth.
Jaitley was addressing a gathering at the Peterson Institute for International Economics in Washington last night. The Finance Minister said, the tax policy and administration should incentivise compliance and taxes should be administered fairly, transparently with minimum discretion.
Jaitley said tax-payers should not be harassed, but at the same time tax evasion should be dealt with firmly.
The Finance Minister said, to achieve these objectives, India needs a modern, 21st century system for indirect taxes, direct taxes and tax administration. Jaitley exuded confidence that Parliament will pass the necessary Constitution Amendment Bill for the Goods and Services Tax, GST, in the next three weeks.
Jaitley is in Washington to attend the annual spring meeting of the International Monetary Fund and the World Bank.