Mangaluru, Oct 23, 2015: Former Governor of the Reserve Bank of India Y.V. Reddy said that implementing proposed GST - goods and services tax will help bring down black money in the country. 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. 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.