United Nations: India has informed the UN that the Goods and Services Tax reform implemented by it, coupled with the demonetisation of high-value currency notes, has brought 1.8 million more people into the income-tax net.
Additional Secretary in the Ministry of External Affairs A Gitesh Sarma, addressing the ECOSOC Forum on Financing for Development Follow Up, said India is currently implementing a wave of reforms.
Apart from encouraging digital over cash transactions, India introduced the Goods and Service Tax regime which provides for uniform taxes. He said this has led to a 50 percent increase in the number of indirect taxpayers.
“Coupled with demonetisation of high-value currency notes, the GST brought 1.8 million more people into the income-tax net, he said at the forum here yesterday.
He added that India stands firm on its stand on the fundamental principles of the World Trade , including multilateralism, rule-based consensual decision-making, an independent and credible dispute resolution and appellate process, the centrality of development, which underlies the Doha Development Agenda, and special and differential treatment for all developing countries.
He said the global economic recovery is progressing gradually, with improved resilience and emergence of new sources of growth.