FM Arun Jaitley: India needs the lower levels of taxation to be competitive :- Faridabad: On Sunday, Finance Minister – Arun Jaitley said that a lower level of taxation is necessary if the country has to have a broader base of economy. Further he said that high taxation will bring greater revenues and that since 1991 the course of economy has altered itself.
While inaugurating the professional training of IRS officers, finance minister Arun jaitely said that you need to manufacture products and provide services which are more competitive in character and therefore your taxes have to be globally compatible.
Jaitley said that competition is not merely domestic but global.
Finance minister Arun Jaitley, tracing the behaviour of people in the last 70 years, said that there has been an impression if avoidance could be done of government revenue, there is nothing improper or immoral about it.
Finance minister Arun Jaitley said that tax collectors would need to sharpen their skills as indirect taxes of the Center and the states are eventually going to converge.
While referring to the GST, jaitley said that once they converge into one tax, the cooperation between the Centre and the state authorities itself will have to reach very high standards.
Moreover, Jaitley said that injection of technology, standardisation of practices, and ability to detect any infringement of violation will require very large supervisory skills.
Finance minister Jaitley, observing that there are no grey areas in criminal or tax laws, said that stricter principles would need to be applied to detect violation.
Finance minister Arun Jaitley said that there are no grey areas in taxation laws. It’s either black or white. It’s either payable or not payable. And therefore to discover grey areas in fiscal laws is not possible, that’s the same principle that applies to criminal law also, either an offence has been committed or not committed.