The former Governor of the Reserve Bank of India Y.V. Reddy said here on Tuesday that implementing proposed the goods and services tax (GST) will help bring down black money in the country.
Replying to the queries of students of Manel Srinivas Nayak Memorial Besant Institute of Postgraduate Studies after inaugurating its new building at Bondel, he said that GST was one of the instruments to bring down black money.
However, he said, everything, including those excluded sectors in the present GST Bill, like real estate and alcohol, should be included in it. Everything had to be accounted for, if the GST was implemented across the country. There was incentive to account for everything, he said.
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Mr. Reddy said the solution was in the public policy to some extent and the ethics of the corporates. Black money could not be generated unless somebody who gives and somebody who takes it.
The new building has been constructed in more than three-acre land.