GST, currency change to be game changers for economy: Arun Jaitley

Arun Jaitley said, "More money will come to the banks which will be used fruitfully for the betterment of the economy."

By: PTI | Bhubaneswar | Updated: December 1, 2016 5:14 pm
Arun jaitley, Jaitley, Finanace minister Arun jaitley, demonetisation, demonetisation arun jaitley, demonetisation effects, Currency, GST, Goods and services tax, GST Arun Jaitley, Indian economy, economy, indian banks, India GST, Business news, indian express news Union Finance Minister Arun Jaitley. PTI Photo

Rejecting apprehensions that the Indian economy would suffer due to demonetisation, Finance Minister Arun Jaitley on Thursday termed as “game changers” the pulling out of high-value old notes as well as Goods and Services Tax, which is proposed to be rolled out from April 1.

“I do believe that both (GST and demonetisation) will be game changers. This is because GST will ensure higher taxation as far as the Centre is concerned and also higher taxation for states. It is an efficient system. It blocks leakages. It will certainly help the consuming states like Odisha,” he said.

Jaitley was speaking at the “Make in Odisha” conclave here.

On the hue and cry over the demonetisation exercise, he said: “As far as currency changes are concerned, once the demonetisation process is completed and the economy gets back to full stream, the size of the GDP will significantly expand, tax base will expand.”

He added, “More money will come to the banks which will be used fruitfully for the betterment of the economy.”

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  1. E
    Earthkeeper
    Dec 1, 2016 at 10:40 pm
    2019 will be a game changer for your party lt;br/gt;All your antinational slogans will be muted
    Reply
    1. M
      Mahesh
      Dec 1, 2016 at 2:26 pm
      Tired of game changes for past 2 yrs. Indian citizens want a plain, simple administration.
      Reply
      1. O
        Ompuri
        Dec 1, 2016 at 9:57 pm
        Bure deen take two has started pls fasten your belts (dhotis). By making fascist fekoo masiha or bhaghwan foolish people of India deserved it. Emoney GST more power for IT department. Modi has Israelis as God fathers and he will turn india in to fascist state like Israel.
        Reply
        1. S
          SubbuI
          Dec 1, 2016 at 1:21 pm
          LET THIS SIDE KICK WIN A ELECTION AND TALK HIS ARTHA SASHTRA PREDICTION. WHEN AMRINDER SINGH BECOMES PUNJAB CM AFTER EMLY ELECTION IF JAATLY HAS MARBLE LET HIM WIN AMRISTER SEAT AGAINST SIDDU WHO WILL FIGHT AS CONGRESS CANDIDATE
          Reply
          1. G
            Goyal Anandilal
            Dec 1, 2016 at 11:59 am
            Issue of KVP of 50000/-,new notes of 500 and 2000/- denominations ,lt;br/gt;why?when high denominations value notes old notes of 500 and 1000/- were withdrawn
            Reply
            1. R
              Raj
              Dec 1, 2016 at 1:35 pm
              I think the demonetization was a good move. Any shakeup of the current system is a good move - I would probably state that the government should ban all non account related payments from all state owned companies.lt;br/gt;lt;br/gt;They should demand all government contractors only make bank transactions in all their expenditure if they are seeking to win tenders.lt;br/gt;lt;br/gt;This will eradicate all under hand channels overnight.
              Reply
              1. A
                Avi
                Dec 1, 2016 at 12:41 pm
                What about 1.4 lakh crore cess you took from public and which you have misappropriated to your party funds and personal accounts?
                Reply
                1. D
                  Delip Chauhan
                  Dec 1, 2016 at 3:24 pm
                  Sir my idea or suggestion is simple I do not want to hurt any body feeling a truth salt is salt sweet is sweet bitter is bitter .
                  Reply
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