Union Finance Minister Arun Jaitley on Friday said it will be difficult for people to generate black money after the implementation of the Goods and Services Tax. Speaking at an interactive session with industry associations, Jaitley said he was targeting the second half of the Budget Session of Parliament to introduce the draft bills on the new tax regime, ANI reported.

“Final drafts [of the laws] are being prepared and once they are circulated with the legally vetted language, those drafts will have to then go to Parliament and state legislature[s] for approval,” Jaitley said. The finance minister further noted that he had maintained the government’s position on fiscal consolidation, “without compromising on expenditure” in this year’s Budget, IANS reported. “In view of the priority to increase government spending so as to help spur growth, an important constraint on our budget preparation was the need for fiscal prudence,” he said.

The introduction of the GST was deferred to July 1 from the earlier April 1 deadline during the meeting of the GST Council on January 16. The draft laws were set to be introduced in Parliament during the Winter Session, but were deferred. The GST Bill had got President Pranab Mukherjee’s approval on September 8, after being ratified by 16 states. It was passed by the Rajya Sabha on August 3. It seeks to replace India’s complicated tax regime comprising 17 different charges with a single levy.