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

Textiles | On 20th Jul 2017

Provide safety net for cotton growers: Congress to Trump

A bipartisan Congressional coalition has called attention of...

Courtesy: ITMF

Textiles | On 20th Jul 2017

ITMF'17 themed on tech, trade, climate in disruptive times

The International Textile Manufacturers Federation (ITMF), an...

Textiles | On 20th Jul 2017

RIL’s Q1 FY18 petrochemicals revenue up 22.9% y-o-y

Reliance Industries Limited (RIL) has reported its financial...

Interviews View All

Marazban F Velati
Sutlej Textiles & Industries limited

No training can be effective till the candidate believes in it.

Frank Gossmann
Rotorcraft AG

‘RT3 motto is: Do not check millimetres, check colours.’

Yash Agarwal
Hitansh Online

Every market region has its own culture and trends

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Nisha Chanda
Whistling Woods International School of Fashion

<div>A lack of upgraded courses in costume designing and fashion as per...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

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

July 2017

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

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Thanks for your valuable feedback. Claim your free latest sustainability e-book.


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search



X