Finance Ministry lauds economy formalization & tax base widening; GST a "premium on honesty"

Finance Ministry lauds implementation of GST, which has led to formalization of economy and widening of tax base; Inter alia states that seamless flow of availability of common set of data to both Centre and the States will augment not only Indirect tax collections but also Direct tax collections; Informs that – (i) between June & July 2017, 6.6 lakh new agents previously outside the tax net, sought GST registration, (ii) entire textile chain is now under tax net, and (...