Arun Jaitley on economy: Key facts, stats and other details of The India Story: Speeding Up For Take Off!; See full presentation by Finance Ministry

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Published: October 24, 2017 5:28:17 PM

Union Finance Minister Arun Jaitley on Tuesday said that India has remained the world's fastest-growing large economy for the last three years.

arun jaitley, finance ministry, finance ministry, presentation, The India Story: Speeding Up For Take Off presentation, indian economy, demonetisation, gst, inflation, fiscal deficit, finance minister arun jaitley“Real GDP growth average is 7.5% in last 3 years.”

Addressing a press conference, Union Finance Minister Arun Jaitley on Tuesday said that India has remained the world’s fastest-growing large economy for the last three years. Jaitley said, “In government’s view, the fundamentals of the national economy continue to be strong.” Also, Jaitley announced that the govenrment has decided on the steps necessary to sustain the growth momentum. Also, a detailed presentation was given by Finance Ministry in presence of Arun Jaitley. Here are key facts, stats and other details from the presentation ‘The India Story: Speeding Up For Take Off!’:-

– “Ensuring Strong Macro-Economic Fundamentals and Building Up On Them For Rapid Growth & Job Creation,” a presentation slide read.

– “There has been a consistent low inflation story.”

– Very low level of Current Account Deficit

– India crossed $400 billion forex reserves

– Fiscal consolidation story is credible

– Real GDP growth average is 7.5% in last 3 years

– Transformational reforms have been another part of the India growth story

– GST has been the biggest reform, along with others like demonetisation and fight against black money

– Confident to exceed disinvestment target for this year

– Govt. has consistently laid focus on public investment and infrastructure for welfare of common man

– Effective and targeted Govt. spending a key priority of Government

– Special thrust has been laid on five key sectors

– A historic decision has been taken regarding road construction

– Biggest component of road building programme Bharat Mala programme announced

Earlier, in the day, Finance Ministry had confirmed that the total revenue of GST paid under different heads (upto 23rd October, 2017) for the month of September 2017 is Rs. 92,150/- crore. The total CGST revenue is Rs. 14,042 crore, SGST revenue is Rs. 21,172 crore, IGST revenue is Rs. 48,948 crore (of which IGST from imports in September 2017 is Rs. 23,951 crore) and Compensation Cess is Rs. 7,988/- crore (of which Rs. 722 crore is Compensation Cess from imports in September 2017).

The total number of GSTR 3B returns filed for the month of September 2017 is 42.91 lakhs (as on 23.10.2017).

The last date for payment of GST as well as filing of GSTR 3B return for the month of September 2017 was 20th October, 2017. The Goods and Services Tax (GST) was introduced on 1st of July, 2017.

Waiver of late fee on filing of GSTR-3B for August and September, 2017

Finance Ministry in a released said, “In view of the difficulties being faced during the return filing process and in order to further facilitate taxpayers, the competent authority has decided to waive the late fee on filing of GSTR-3B for the months of August and September, 2017. The necessary software changes are being carried out in the IT system. ”

“Electronic cash ledger of the taxpayers who have already paid the late fee on filing of GSTR-3B either for the month of August or September, 2017 or those who pay such fee before the necessary changes are carried out in the IT system will be credited with the amount of late fee so paid be them. The enabling notifications are being issued shortly,” the statement added.

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