Squeeze Parallel Economy In A Fair Manner: FM Jaitley To Taxmen
However, he added that the government would prefer to increase expenditure on social sector schemes instead of improving its fiscal deficit target.
Government, Jaitley said, has already taken various initiatives on the taxation front which include roll out of the Goods and Services Tax (GST), reduction of corporate tax rate from 30 per cent to 25 per cent over the next four years and removal of exemptions to the extent possible.
As regards the indirect taxes, the Minister said, "The process of introduction of GST is on. A lot of work has been done, a lot of work remains to be done and we have only few months to accomplish the task."
Rajya Sabha recently referred the GST Bill to a select committee which is expected to give its report to the House at the start of the next session. The government plans to roll out the GST from April 1, 2016.
On direct tax front, Jaitley said, "Our effort over the next four years will be to bring down the taxation to global levels and phase out the exemptions to the extent it is possible."
Efforts would also be made to expand the tax base and encourage non-filers to file tax returns, he said and added that individual taxpayers would continue to enjoy certain set of exemptions so that they could spend more and add to the economic growth.
Earlier, Revenue Secretary Shaktikanta Das said the Rs 7.98 lakh crore direct collection target for the current fiscal is "very much achievable and very realistic".
With regard to HSBC list on alleged black money holders abroad, he said all the assessment that had to be completed before March 31, 2015 have been completed.
