The Narendra Modi government has introduced the much-needed second generation reforms with several game-changing decisions over the last five years, said Finance Minister Arun Jaitley on Monday, cheering the GST introduction, saying it will increase the assessee base in the first twenty-one months of its implementation by almost eighty percent. In the taxation reforms and black-money steps, he said the last five years will be considered momentous.
“No taxes have been increased. In fact, after 67 years of increase, tax rates have moved downwards. In a bold step, spread over five years, the income up to Rs 5 lakh has been exempt from income-tax. Even deductions available to the taxpayers have been raised to encourage and incentivise savings,” he said.
The Goods and Services Tax has enforced one tax across the country, eliminated barriers and made inspectors disappear. The number of assesses filing returns with reduced tax rates in income-tax has risen close to double in the five year period, he said. The GST will increase the assessee base in the first twenty-one months of its implementation by almost eighty percent, the minister said.