NEW DELHI: Prime Minister Narendra Modi disclosed on Saturday that the registration of over one lakh companies which had allegedly engaged in suspicious transactions post-demonetisation had been scrapped as he sought to cast the goods and services tax ( GST ) as his second strike against black money and corruption. "The decision to de-register one lakh companies in one stroke is reflective of the government's intent as well as a pointer to the will power of the political class. Such decisions are not taken on the basis of political calculations, they can be taken only by those who love the country," said the PM.In his address to chartered accountants, he asked them to help with the successful implementation of GST in order to curb tax evasion. "I invite you to join the festival of honesty," Modi said, adding that while implementing the campaign to prove cleanliness through the Swachh Bharat Abhiyan, his government was also seeking to clean the economy by acting tough with those who have looted the country.The focus on corruption and black money reinforced the indication about his plan to expand the scope of GST beyond taxation reform and transform it into an instrument for the campaign against corruption and poverty. Jaitley said: "This government will not succumb to pressure from those who have incomes of Rs 50 crore or more but would not pay taxes."

Source: Times of India July 01, 2017 20:43 UTC