GST will lead to economic integration of India: Arun Jaitley

There were complaints that Mumbai, which generates maximum tax, for the government didn’t get enough for its development. This won’t be the case when GST comes into effect. India will become a uniform market with seamless transfer of goods, services

By: ENS Economic Bureau | Mumbai | Updated: May 10, 2015 3:34 am
Opposition, GST Constitution Amendment Bill, Finance Minister, Arun Jaitley, GST Bill, goods and tax services, Constitution Amendment Bill, business news, news, india news, nation news Jaitley said India has capacity to grow in double digit and not just 7-8 per cent.

Slamming the Opposition for trying to “stop the progress of the country” by preventing passage of the GST Constitution Amendment Bill, Union Finance Minister Arun Jaitley on Saturday said the GST Bill will lead to the economic integration of India and higher revenue for States.

“The entire country will become one uniform market… and it will be an economic integration of India,” Jaitley said launching three social security schemes here. Without naming any parties, Jaitley came down on those trying to stall the GST Bill in Parliament saying they were attempting to “stop progress of the country”. They do not have numbers to prevent passage of the Constitution Amendment Bill to subsume all indirect taxes like excise duty and service tax into GST and even other opposition parties were supportive of the new regime, he said.

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“When GST is introduced, states like Maharashtra will get more funds,” he said. Those opposed to GST are now deploying newer delaying tactics by questioning extension of Parliament session for conduct of pending legislative business. Taxes truckers pay before entering any state or city will be abolished once GST is implemented, he said.

According to the Finance Minister, India will become one uniform market where there is a seamless transfer of goods and services. States’ share of revenue will go up and economic activity and growth will also improve. There were complaints that Mumbai which generates maximum tax for the government didn’t get enough for its development. This won’t be the case when GST comes into effect, he said.

Jaitley said India has capacity to grow in double digit and not just 7-8 per cent. “Double digit growth is needed,” he said.   While the GST Constitution Amendment Bill was approved by the Lok Sabha earlier this week, it  is now pending in the Rajya Sabha, where the NDA government does not have a majority. The Constitution Amendment Bill needs to be approved by two-third majority of both Houses of Parliament.

Maharashtra chief minister Devendra Fadnavis said the state will take the lead in effectively implementing the three schemes launched on Saturday to ensure that socio-economic security reaches the last man in the society. Fadnavis revealed Maharashtra has opened more than 70 lakh accounts under the Pradhan Mantri Jan-Dhan Yojana. Describing the schemes as a big leap forward towards providing greater socio-economic security to the people of country, he said the three ambitious projects — Pradhanmantri Surasksha Yojana (accident scheme), Pradhanmantri Jeevan Jyoti Yojana and Atal Pension Yojana are aimed at inclusive politics. “ The single purpose of these schemes is to bring larger socio and financial security to the people. Through such initiatives, the fruits of democracy are now reaching the last man in the society,” he said.

“The single purpose of these schemes is to bring larger socio and financial security to the people. Through such initiatives, the fruits of democracy are now reaching the last man in the society,” he said.

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