Arun Jaitley said the proposed Goods and Services Tax (GST) is the need of the hour and it has the capability to strengthen the Indian economy.
Budget 2016: Government will reach out to the Congress in the current session of Parliament to resolve the deadlock over the GST bill, Finance Minister Arun Jaitley said. “As far as GST is concerned, every political party claims to be in favour of it. The Congress party had put some conditions. I think one condition still remains there. I will try to talk to them in the remaining of the Budget session of Parliament, and try to move ahead with the GST bill”, Jaitley said in a post budget Hackathon.
Jaitley said the proposed Goods and Services Tax (GST) is the need of the hour and it has the capability to strengthen the Indian economy.
“It is simple, will help in expansion of revenue, states will get benefit out of it, business will have ease and it will facilitate seamless transfer of goods and services.
“GST will help in making the whole country in one single market, it means one-sixth of world market is one market. You won’t get a bigger market than this elsewhere”, Jaitley said.
In his Budget 2016-17 speech, the Finance Minister asserted that the government will endeavor to continue with the ongoing reform programmer and ensure the passage of the Constitutional amendments to enable the implementation of the proposed Goods and Service Tax.
In reply to a question on passage of land bill, he said there are political hurdles related to that. However, an alternative has been created wherein the states can pass their local rules to make usage of their land.
“If I (referring to states) have land, I will give it, if I don’t have, I will bring my own local amendment. So this way we have created an optional road in terms of land acquisition and certain states have started clearing it on their own basis through local amendments”, the Finance Minister said.