GST, a major step to check tax evasion: Modi

He urged the CAs to the lead in India's journey towards economic growth.

Asserting that the BJP-led Central government has taken a tough stand against the corrupt, Prime Minister Narendra Modi on Saturday said GST is a major step towards checking tax evasion.

Speaking on the Foundation Day of Institute of Chartered Accountants of India, Modi described the GST implementation as dawn of a new era in India.

"GST is a new beginning, new path for our economy...Our Government has taken a tough stand against those who have looted the nation," he said.

Lashing out at black money hoarders and tax evaders, the PM said, "A country where a select few loot, such a nation cannot scale new heights. These select few never want the nation to grow."

Modi said that the Chartered Accountants were crucial for Indian economy and that the Indian CAs were known around the world.

"Overwhelmed to see your response to GST. With GST, no one can evade tax," he said.

Terming the government's Demonetisation move as a major step against the black money, he said Swiss bank deposits of the Indians has dipped in the recent past.

"People with black money will face more difficulties when Switzerland begins automatic information exchange with India in 2 years," he added.

"Government is committed to more tough actions against firms helping in hiding black money," he said.

He urged the CAs to the lead in India's journey towards economic growth.

The Goods and Services Tax, the biggest tax reform since Independence, was rolled out on Friday midnight at a special ceremony in the Central Hall of Parliament in the presence of President Pranab Mukherjee, Vice-President Hamid Ansari, Prime Minister Narendra Modi, Finance Minister Arun Jaitley, Speaker Sumitra Mahajan, ministers and a host of dignitaries.

OneIndia News