If you take loans learn to repay:Jaitley
In a strong message to the increasing number of loan defaulters,the Finance Minister Arun Jaitley said, "If you take money from banks, learn to repay. And if you want lesser taxes don't evade it". said that the government can think of a lower tax regime only when more and more people pay taxes. Most public sector banks are feeling under pressure of bad loans and high credit costs. "If all taxpayers pay their taxes, it will help bring in tax rates further low. The more the evasions and exemptions, the higher will be the tax rate. So, moderate tax rates and evasions cannot co-exist," Jaitley told a meeting of BJP workers. On the context of keeping GST rates in 17-18 percent, Jaitley said, industry and business must pay tax which is due. "This is the onlyway to move country's economy. Tax evasion and moderate tax rates cannot co-exist. Evading taxes mean aberrations in tax structures," he added. The proposed uniform taxation regime, GST will integrate the country into one single market by ensuring a free flow of goods and services across the country, Jaitley said, adding that in order to enable this, we should have a uniform tax rate throughout the country. Claiming that barring Dubai and Singapore, our tax rates are now becoming more reasonable, he said for indirect tax rates to come down further, there is a need to increase its base and to achieve that "everyone should pay their taxes".