Home / Knowledge / News / Textiles / 'Govt ready to roll out GST'
'Govt ready to roll out GST'
10
Mar '16
Economic Affairs Secretary Shaktikanta Das has said he was hopeful that the Constitutional amendment bill for the most important tax reform - the Goods and Services Tax (GST) - would be passed by Parliament in the current session.

Addressing the Managing Committee meeting of the Assocham in New Delhi, Das said “I am sure Parliament will appreciate the advantages of GST...we hope it will be passed in the current session.”

He said the Government is ready with all the backup to roll out the new tax regime but for that to happen, it needs not only the Bill's passage by Parliament but also its ratification by at least half the number of the State Assemblies.

Das, who briefed the Assocham members about the salient features of the Union Budget for 2016-17, said a number of game changing structural reforms have been unveiled by the Finance Minister. These include dismantling the permit raj in the passenger transport sector, easing the renegotiations of the Public Private Partnership business agreements, giving a legal backing to the Aadhar Id. Cards and initiating several dispute resolution mechanisms in taxation.

The Economic Affairs Secretary said the Government has stuck to the path of financial discipline, pegging the fiscal deficit for 2016-17 at 3.5 per cent of the GDP “Why fiscal deficit target is important because it is about credibility of the Government, especially when it had benefitted from low crude oil prices.”

He said the committee on review of the FRBM (Fiscal Responsibility and Budget Management) Act would be constituted in a month or so for giving a road map to fix the deficit target in a band rather than to the last decimal figure.

Das said the budget has dealt with several critical sectors giving the first charge to the Agriculture and Rural Economy as people in the rural landscape are in a state of distress because of failure of monsoon for two consecutive years. He said a quantum jump allocation has been given for the rural infrastructure including roads, electricity and irrigation.

Investment in infrastructure would also be revived with the budget announcing a number of initiatives for easing rules in the case of highways and other projects in the PPP model. For instance the budget talks about a system of credit rating wherein the rating would be with reference to particular projects rather than companies. A window has been provided for long term contract renegotiations, Das said. (SH)

Fibre2Fashion News Desk – India


Must ReadView All

Courtesy: Pexels

Textiles | On 15th Jul 2018

WCO publishes global standards on e-commerce

The World Customs Organization (WCO) has published the Framework of...

Courtesy: M Dohmen

Textiles | On 15th Jul 2018

Archroma takes remaining minority shares in M Dohmen

Archroma, leader in colour and specialty chemicals towards...

Courtesy: Reebok

Fashion | On 15th Jul 2018

Reebok, CFDA join hands to nurture America's fashion

Global fitness and lifestyle brand Reebok has joined hands with the...

Interviews View All

Poojaa Kumar Deepak
Zeven

Zeven's performance sports apparel is designed for the Indian body type,...

Jurgen Gauger
Spreadshirt

‘Buying crowdsourced or creative designs are much more appealing to the...

Top executives
Textile & apparel bodies

The decision to reduce GST on MMF yarn to 12% is transformational

Vikas Banduke

Softech Controls Private Limited (SCPL) is a part of the Cotmac Group, an...

Liz Manning

<div><b>Liz Manning</b>, Business Development Manager at Catexel, has...

Suresh P Bagrecha

Komal Texfab, founded in 1981, is into manufacturing of knitted fabrics,...

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Samar Firdos
Arvind Ltd

<b>Samar Firdos</b>, Chief Manager (Design) at Lifestyle Apparel Denim...

Anisha Chaudhari
Threads & Shirts

Threads &amp; Shirts is a freshly-tailored concept providing men/women a...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


July 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search