The new proposal has been made through an amendment to the Finance Bill. Recently, the I-T department had announced a mobile app for paying taxes+ and tracking of refunds. It had also said it was considering issuing PANs on real time basis using Aadhaar biometric.
Besides being necessary for filing an income tax return, any application for an income tax PAN will also have to state the applicant's Aadhaar or 12-digit unique ID which is backed by biometrics like finger prints and iris scans. Moving the Bill, Jaitley spoke in defence of amendments made to 40 acts which had been criticised by opposition members of the house on a point of order.
He said if a substantial portion of a bill deals with imposition or abolition of tax, then even if it has other incidental provisions, it can still be introduced as a Money Bill. A Finance Bill is ordinarily introduced to give effect to the financial proposals of the government for the next financial year.
GST Expected From July 1:
He also said that the government was hoping to implement the Goods and Services Tax (GST) by July 1 after the enabling Bills get Parliament's nod in the current budget session.
"GST is the biggest reform in India. Hopefully, GST will be implemented by July 1. GST Bills will hopefully be cleared in Parliament," Jaitley said here at the 23rd Conference of Auditors General of Commonwealth Nations hosted by the Comptroller and Auditor General (CAG) of India. Jaitley said that India's indirect taxation regime, which is currently the most complex in the world, will transform into a simplified one with the implementation of GST.
"We have the most complicated indirect tax systems. Once implemented, what is currently the most complicated system in the world will become the simplest in the world. The enabling laws are before the Parliament. By middle of the year (2017), we hope to see the implementation of GST," he said. "Evasion of taxes will be difficult under GST. Size of Indian economy will increase," he added.