New Delhi: A day after he announced the arrival of Goods and Services Tax (GST) from the historical Central Hall of Parliament, Prime Minister Narendra Modi once again emphasised that the GST was a "Good and Simple Tax, marking a new beginning for the Indian economy."
The Prime Minister was addressing a huge gathering at the Indira Gandhi Indoor Stadium on the occasion of the Foundation Day of the Institute of Chartered Accountants of India. Urging the Chartered Accountants to play a crucial role in the implementation of the GST, he said: "Just like doctors don't want people to be ill to get more business, chartered accountants, too, need to safeguard society's economic health."
The signature of a Chartered Accountant, the PM said, was more powerful than his own, exhorting the CA fraternity to take charge of bringing their clients to the path of honesty. "A wrong audit can impact lives of gullible investors."
Pledging to continue the fight against corruption and black money, he said: "Along with Swachh Bharat, we are also cleaning India's economy; we have a taken tough stand against those who have looted the nation. Those who have looted the poor will have to give back what they have taken away."
PM Modi said those indulging in malfeasance will not be spared, and even asked the attendees to warn those hoarding black money. "People with black money will face more difficulties when Switzerland begins automatic information exchange with India," he said, adding that impact of "our steps to check black money is clear from the latest figures of Swiss banks, where Indians' money has dipped to a record low."
"Swiss banks have announced that there has been a 45% reduction in their deposits from India," he said.
He said that data mining after demonetisation drive revealed over 3 lakh registered companies indulged in suspected dealings, adding that the government had identified 37,000 shell companies. "The government is committed to more tough action against firms helping hide black money. We are not concerned about the political implications," Modi said.
Reflecting on the high-level tax evasion that has taken a huge toll on the Indian economy, PM Modi said that it was a bitter truth that only 32 lakh Indians have declared over Rs 10 lakh income, despite crores in high-end professions.
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