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New Delhi, April 27: Demonetisation of currency and Goods & Services Tax (GST) have brought another 1.8 million people in the income-tax net, India has told the UN. Addressing the ECOSOC Forum on Financing for Development Follow Up, Ministry of External Affairs Additional Secretary A Gitesh Sarma said that the country was in the process of bringing about a series of reforms. Apart from cashless transactions and use of plastic money, India had introduced the GST which provides for uniform taxes. He said that led to a 50 percent rise in the number of indirect taxpayers.
Speaking at the forum on Thursday, Sarma said that the country “stood firm on its stand on the fundamental principles of the World Trade, including multilateralism, rule-based consensual decision-making, an independent and credible dispute resolution and appellate process, the centrality of development, which underlies the Doha Development Agenda, and special and differential treatment for all developing countries,” quotes Zee News.
“However, there are concerns that a durable recovery may remain constrained by factors such as the persistence of low productivity and debt overhang problems in advanced economies as well as in some emerging market economies, rising populism and protectionism, and the slow pace of structural reforms, he said. He said India was mindful of new gaps emerging in the domestic resource mobilisation because of financial innovations, like digital finance, and the implications of fin-tech and the weightless economy on financial inclusion and access to finance. “I would like to reiterate that the international community must step up its efforts to fulfil the commitments already undertaken not as a charity but with the full realisation that it will be in our collective interest, he said.
Meanwhile, the Finance Ministry has said that the government earned Rs 7.4 lakh crore from GST in 2017-18.
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