Inclusive Growth
India's economic growth, celebrated in aggregate terms, hides an uncomfortable truth: much of this progress has bypassed the majority of the population, particularly in rural areas.
Union Finance Minister Arun Jaitley on Sunday said the tax payer base, tax collections and digitization of the economy are expanding following a series of measures taken by the central government led by Prime Minister Narendra Modi.
In his address at the 48th annual reader’s meet of Tamil magazine ‘Thuglak’ here, Jaitley said the demonetisation of high value currencies was a difficult decision for the Prime Minister to take but added it was Modi only who had the “courage to take such a decision”.
According to him, the central government has taken anti-black money steps like demonetisation, introduction of Goods and Services Tax (GST) and others and owing to these measures, the tax collections, tax payer base and digitization of the economy are expanding.
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He said tax evaders have now understood that evasion cannot be done.
The Finance Minister also said the honest tax payer are forced to pay higher taxes due to tax evaders, and once the tax payer base expands the tax rate can come down.
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