"Effort of government is to make tax rate reasonable, as reasonable as possible. High tax rate do not achieve the objective of GST," Revenue Secretary Shaktikanta Das said at an Assocham event here.

He also added that the effort of the government is to ensure a tax-payer friendly administration and the black money law will not be misused. "We need a law which is stringent so that it acts as a deterrent. You cannot have soft laws to deal with blackmoney. We have taken adequate safeguards so that there is no arbitrary exercise," Das stated.

"Blackmoney Law is a stringent law and its implementation is benign and does not result in arbitrary exercise of power," he said, adding that the government will soon come out with another set of FAQs (frequently asked questions).

The government has notified the Blackmoney Law from July 1. As per the 90-day compliance window under the Act, those holding undisclosed foreign assets can declare and come clean by paying 60 per cent tax and penalty.

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