GST plus digital will make economy cleaner, bigger: Arun Jaitley

He said this would lead to a higher number of transactions covered under the banking system

India's economy will “look much cleaner and bigger” after the implementation of the goods and services tax (GST) and due to the push towards digital transactions brought in by demonetisation, said Union Finance Minister Arun Jaitley at the Vibrant Gujarat Global Summit.

While addressing a seminar titled ‘GST: Game Changer of the Indian Economy’, Jaitley said that the critical issues which remained would be resolved over the next few weeks.  

He also said that once the "entire bearer currency, which has anonymity and no history, moves back into the banking system, and is accompanied by a digitalised economy, which the prime minister spoke about yesterday, it is going to be a major step towards the integration of informal economy, which at times was also a shadow economy, with the more formal economy."

This, he added, would lead to a higher number of transactions covered under the banking system, which could lead to higher tax revenue for the government, The Indian Express reported.