Mumbai: Union Finance Minister Arun Jaitley on Saturday said that the government can think of a lower tax regime only when more and more people pay taxes.
Speaking on India's economy in Mumbai, he said, "If you take money from banks, learn to repay. And if you want lesser taxes don't evade it."
On the context of keeping GST rates in 17-18%, Jaitley said, industry and business must pay tax which is due.
"This is the only way to move country's economy. Tax evasion and moderate tax rates cannot co-exist. Evading taxes mean aberrations in tax structures," he added.
He also said that manufacturing is where mass jobs are, and insisted that "Make In India" is not just a slogan.
"When going is good, everybody is at their best. But defying trends to grow is a different thing. India did not take full advantage of low cost manufacturing & use of technology," he said.
Emanating optimism for the future, the minister said, "India has tremendous potential even in this Global slow down as the nation grows at commendable 7%. India is overtaking its competitors and has managed to stay ahead."
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