Amid the reports of increasing GST rates, finance minister Nirmala Sitharaman on Monday said that no discussions have yet taken place in this regard.
Amid the reports of increasing GST rates, finance minister Nirmala Sitharaman on Monday said that no discussions have yet taken place in this regard. On slowing GST collection, Nirmala Sitharaman said that many states have taken efforts to boost the GST collection and the future prospects are strong. The government is working out stimulus for improving the consumption and putting money into the hands of people, she also said at India Economic Conclave. “The buzz is everywhere except in my office. I have had no conversations on the GST Council meeting with my team yet,” the finance minister had said in a press conference last Friday.
There were reports that amid increasing revenue concerns, the GST council may consider revamping tax structure and raising the existing 5 per cent rate to 6 per cent to shore up the shortfall in collections. The slab restructuring may help the government garner additional revenues of Rs 1,000 crore per month. On a $5 trillion economy goal of the Modi government, Nirmala Sitharaman said that the focus will be on moving towards achieving the target rather than comparing the GDP figure of what currently is and what should be. The government is committed towards reforms and the reform momentum will continue, she added. The government is also making sure that there is a stimulus aimed at putting money in people’s hands and also pushing for direct benefit schemes, finance minister Nirmala Sitharaman added.
Nirmala Sitharaman also said that she would not comment on when the economy will reverse, but the government will intervene as and when necessary to help various sectors as needed. The government’s responses to challenges facing the economy will get diluted due to current social unrest, Nirmala Sitharaman added.