Finance Minister Arun Jaitley today said that the union budget which was presented in the Parliament aims at making the country more tax compliant. Addressing post budget interactive session with representatives of Industry Associations in New Delhi, Mr Jaitley said, only 20 lakh people in the country voluntarily declare annual income of over 5 lakh rupees. <br/><br/>He also said, time has come to abolish Foreign Investment Promotion Board as 90 per cent of foreign investment is coming under automatic route. Mr Jaitley said, revenue and other gains of demonetisation may not have been fully factored in the Budget. He said, government has also not cut expenditure to maintain fiscal discipline.<br/><br/>Mr Jaitley said, the draft bills on Goods and Services Tax,GST will be introduced in the second leg of Budget Session. He expressed hope that once the GST is implemented, the scope for generation of more black money itself becomes difficult. He said, the tax collection has gone up despite demonetisation of high value currency notes.

Finance Minister Arun Jaitley today said that the union budget which was presented in the Parliament aims at making the country more tax compliant. Addressing post budget interactive session with representatives of Industry Associations in New Delhi, Mr Jaitley said, only 20 lakh people in the country voluntarily declare annual income of over 5 lakh rupees. <br/><br/>He also said, time has come to abolish Foreign Investment Promotion Board as 90 per cent of foreign investment is coming under automatic route. Mr Jaitley said, revenue and other gains of demonetisation may not have been fully factored in the Budget. He said, government has also not cut expenditure to maintain fiscal discipline.<br/><br/>Mr Jaitley said, the draft bills on Goods and Services Tax,GST will be introduced in the second leg of Budget Session. He expressed hope that once the GST is implemented, the scope for generation of more black money itself becomes difficult. He said, the tax collection has gone up despite demonetisation of high value currency notes.