Demonetisation helped in curbing round tripping of corrupt and black money,” Jaitley said.
Air India, which has a debt burden of more than Rs 52,000 crore, is staying afloat on taxpayers’ money. The previous UPA government had extended a bailout package worth little over Rs 30,000 crore to the national carrier for a ten-year period starting from 2012.
Finance Minister Arun Jaitley said investigations into information, put into public domain by the ICIJ, pertaining to about 700 Indian persons allegedly linked to offshore entities based in no tax or low tax jurisdiction, have led to detection of more than Rs 11,010 crore of credits in undisclosed foreign accounts.
‘Just as killing of a human in name of cow has to be condemned, nobody should eulogise the fact that I see no wrong in cow slaughter’
Arun Jaitley said cow slaughter bans have been in place in various states from the time of the country’s first prime minister Jawaharlal Nehru and are enshrined in article 48 of the Constitution framed by the Constituent Assembly.
More than one crore firms will be migrating to the new tax regime against around 80 lakh companies earlier, Jaitley said, Ananth Kumar quoted him as saying. There was no longer tax on tax and the transport of goods across the country was going unhindered now, he said.
Amid protests in Gujarat by textile traders who are demanding rollback of 5 per cent GST on fabrics, Finance Minister Arun Jaitley said it is not correct to say that textiles sector was never taxed in independent India.
Addressing Jaitley, Punjab Rural Development, Water Supply and Sanitation Minister Tripat Rajinder Singh Bajwasaid that it is no secret that the state is in a financial mess. Thus, the central government must help.
Finance Minister Arun Jaitley also issued a warning for “dishonest taxpayers” and said that “those who are dishonest will have obvious problems with GST because they will be caught soon”.
Foreign Secretary S Jaishankar said there are differences with China but tension is not as much as is being presented.
Union minister Arun Jaitley filed an application in the Delhi High Court to expedite proceedings in the DDCA defamation case filed by him against Delhi Chief Minister Arvind Kejriwal and five AAP leaders.
The PwC had issued a statement, rejecting the allegations. “We deny the allegations made. PwC has always complied and will continue to comply with applicable laws and regulations and any suggestion to the contrary is merely speculative.”
The SHG movement that started 25 years ago with a very few entities has now crossed the 85 lakh mark, he said. The repayment capacity of people associated with SHGs and availing micro-finance products is much higher, Jaitley said.
The revenue collection through GST would ensure more benefit to the states as compared to Centre, Finance Minister Arun Jaitley said. Speaking on the occasion, CM Raman Singh said that GST will make India economic super power in due course of time.
The chief commissioner of GST (Delhi zone) has clarified that the tax department only wants to facilitate the process for shopkeepers and traders during the transition to the GST regime.