Tough decisions like demonetization difficult but needed for clean-up: Jaitley
Gandhinagar, January 11, 2017
Union Finance Minister Arun Jaitley today said tough decisions initially pass through difficult phases resulting in temporary pain, in an apparent reference to the Government's November 8 announcement on demonetization of Rs. 1000 and Rs. 500 notes.
India needed such bold decisions as it was time now to clean up the table, he said at a seminor on "GST: The Game Changer for Indian Economy" on the second day of the Vibrant Gujarat Global Investors Summit at Mahatma Mandir here.
"Demonetization will have an impact over the course of our present and future lives," he said.
Mr. Jaitley said most of the issues regarding implementation of the Goods & Service Tax (GST) had been resolved. A few critical ones are left which will be resolved in the next few weeks. The GST Council is deliberative democracy in action and the impact of both GST and demonetization will be felt this year, he said.
He said that when GST merges all the taxes and makes India into one entity, it would be an advantage to the asessee. Once the GST is implemented, the combination of a more digitized economy along with a more efficient tax system will make India better, he said.
Since people want transparency, government is emphasizing on bringing transparency and elimination of discretion. Indian economy has opened up significantly in the last two years, he added.