Amid demand for GST rate cut by automobile companies, Finance Minister Nirmala Sitharaman on Friday said that it’s for the GST Council to decide as she can’t do it alone.
Amid demand for GST rate cut by automobile companies, Finance Minister Nirmala Sitharaman on Friday said that it’s for the GST Council to decide as she can’t do it alone. Adding, she said that the government is aware about the challenges being faced by the firms and is reacting to the issues. Many of the government’s responses are in accordance with the recommendations by the stakeholders, she also told reporters. The wealth creators and job creators would be properly facilitated by the government, Nirmala Sitharaman said. There will be no cut in the social media spending by the government, she added. The tax targets given to to the various departments are realistic and given after due consideration and discussion. However, she also said that the tax collections will only be buoyant when the economy flourishes.
Earlier today, the Ministry of Finance officials met Maharatna and Navratna PSU companies’ heads today so as to discuss measures to infuse more liquidity into the system. Ahead of the meeting, DEA Secretary Atanu Chakraborty and Expenditure Secretary G C Murmu reviewed the capital expenditure being done by the Ministries of Road Transport and Highways, Railways, Telecom and Housing & Urban Affairs.
Meanwhile, the economy is undergoing a slowdown for sometime now. The private sector has even asked the government to come up with a stimulus to revive the sagging economy. The government, in the last few weeks, announced a slew of measures to tackle the slowdown and revive the economy. In Q1FY20, the GDP grew at a dismal 5 per cent. While the manufacturing sector grew at just 0.6 per cent while ‘Agriculture, Forestry and Fishing’ sector grew at 2 per cent.