Follow Us
Tribune News Service
New Delhi, June 18
Claiming that the GST regime is leading to formalisation of the economy and widening of the tax base, the Finance Ministry on Monday said it would make increasingly difficult for those who are liable to pay tax to remain outside the tax net.
The Finance Ministry said the GST has resulted in formalisation of economy and consequently information flow would eventually augment not only the indirect tax collection but also direct tax collection.
Citing early signs of tax base expansion, the government said the entire textile chain is now brought under tax net. Further, a segment of land and real estate transactions has also been brought into tax net “works contracts”, referring to housing that is being built.
The Finance Ministry said the GST is eliminating transactions which were not recorded earlier in the books of accounts and were outside the tax net so far.
6
7
8