GST will expand tax net: Jaitley

NEW DELHI: Finance Minister Arun Jaitley on Wednesday briefed BJP MPs on the benefits of the Goods and Services Tax (GST) regime stating that it would expand the tax net, bring down “inspector Raj” and cut prices of goods. He was making a presentation on GST for the parliamentary party group, including Prime Minister Narendra Modi.

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His was, however, not the only presentation at the weekly meeting of BJP MPs (when Parliament is in session). Minister for External Affairs Sushma Swaraj briefed party MPs on Mr. Modi’s recent foreign trips, especially to the United States and Israel. “The Minister made special reference of the warmth Prime Minister Modi’s visit was accorded in Israel, and how Israeli Prime Minister Benjamin Netanyahu accompanied him to almost all his public engagements,” said an MP who attended the meet. On China, the Minister did not say much except that the government had briefed all parties on the mater.

Mr. Jaitley said the prices of goods had come down between 4 and 8% since the GST rollout on July 1.

He said more than one crore firms would be migrating to the new tax regime against around 80 lakh companies earlier, Parliamentary Affairs Minister Ananth Kumar quoted Mr. Jaitley as saying.