Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
CO-PRESENTED BY
LIVE TV DownloadNews18 App
News18 English
»
2-min read

GST Not an Easy Reform to Implement, says Arun Jaitely

Finance Minister Arun Jaitley said he had learnt in the last few years that one should not blink if convinced that a reform was in the national interest.

PTI

Updated:July 31, 2017, 8:05 AM IST
facebookTwittergoogleskypewhatsapp
GST Not an Easy Reform to Implement, says Arun Jaitely
File photo of Union Finance Minister Arun Jaitley.
Chennai: The goods and services tax (GST) was not an “easy reform to implement” but it has evoked “great” public support with the government deciding not to blink in the face of Opposition to the new taxation measure, Finance Minister Arun Jaitley said on Sunday.

“We have today reached a stage of history where there is a great amount of popular support behind reforms because people have become restless. They are not willing to be satisfied with a situation wherein India cannot reach up to its potential,” he said in Chennai, while addressing a GST Conclave organised by various industry bodies. “I can say with a reasonable expectation for the future that it (GST) was not a very easy reform to implement. Occasionally, there are people who try and prevent any reform from happening.”

Jaitley said he had learnt in the last few years that one should not blink if convinced that a reform was in the national interest. “If you pause, blink, go into a reconsideration mode, then those who want to trip you will never allow those reforms to take place.” However, this time there was “great amount of public support” for the GST as people have become “restless”, he said.

The finance minister said the pressure was on those who were blocking important legislations, disrupting Parliament or when there was a time gap when the GST amendment was not allowed to be passed.

Such “public pressure” existed even on governments to continue to act and act correctly, and the popular opinion in the country was undergoing a “transformational change,” he said. “Therefore, let me say, that it is the people who have compelled this reform and brought the Centre and states together,” he said. The finance minister said the Centre was aware of several issues being raised, adding that he was “conscious” of the difficulties, and therefore, constant interactions were happening on GST.

Besides different Central taxes, states levied their own taxes and 17 such taxes had to be integrated into one and this brought in benefits like doing away with multiple taxation and ensuring free flow of goods across the country, saving on fuel, money and man hours, he said. Multiple returns, which often led to corruption, harassment and compliance burdens had also been done away with, he said, adding the country needed revenue to address important issues like procuring of arms and ammunitions for the army.

The tax base’s expansion with GST registration, plus removal of double taxation, among its other benefits, would enable more resources, he said. The minister also expected the net weighted average of taxes to ease, noting the pressure for corrective action of public opinion in general.

He said the number of registrants paying all forms of indirect tax was eight million. “As of today, we have already crossed that figure (in the switch to GST registration). About 7.2 million migrated; many had multiple registrations. Already, about 1.2 million new people have come in. As this number is going to continue to increase, it gives us a slight comfort level, that the base is expanding,” he said.
| Edited by: Huma Tabassum
Read full article
Next Story
Next Story

Also Watch

facebookTwittergoogleskypewhatsapp
 
 
Most Active
Company Price Change %Gain
Reliance 1,339.80 1.05
Indiabulls Hsg 807.75 -0.83
HDFC 2,114.50 -0.38
SBI 337.55 -2.07
Tata Motors 176.80 -7.02
Company Price Change %Gain
Reliance 1,339.75 1.08
SBI 337.55 -2.05
HDFC Bank 2,403.80 -1.20
Indiabulls Hsg 808.25 -0.35
Tata Motors 176.60 -7.05
Top Gainers
Company Price Change %Gain
Dr Reddys Labs 2,667.00 3.00
Bharti Infratel 276.10 2.43
Britannia 2,848.70 1.70
Reliance 1,339.80 1.05
Titan Company 1,244.40 1.04
Company Price Change %Gain
Reliance 1,339.75 1.08
Bajaj Finance 3,432.65 0.76
HUL 1,783.50 0.62
Top Losers
Company Price Change %Gain
Tata Motors 176.80 -7.02
BPCL 374.45 -4.43
Zee Entertain 347.70 -4.08
IndusInd Bank 1,447.75 -3.14
Adani Ports 387.60 -3.12
Company Price Change %Gain
Tata Motors 176.60 -7.05
Maruti Suzuki 6,857.80 -3.25
IndusInd Bank 1,447.55 -3.02
Bharti Airtel 330.80 -2.66
M&M 638.80 -2.36

Live TV

Countdown To Elections Results
  • 01 d
  • 12 h
  • 38 m
  • 09 s
To Assembly Elections 2018 Results