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Monday, July 16, 2018

Arun Jaitley on GST being termed ‘Gabbar Singh Tax’: Those used to 2G, coal scam will have problems paying genuine tax

Arun Jaitley on Indian economy live updates: Jaitley is expected to make an announcement on the state of the Indian economy during his interaction with the media.

By: Express Web Desk | New Delhi | Updated: October 24, 2017 5:54:08 pm
Arun Jaitley press conference, Finance Minister Press Conference Live, Finance Ministry, Finance Minister Arun Jaitley, Economy, Goods and Services Tax(GST), GST News, GST new rules, GST-3B returns, GST Returns delayed penalty, Business news, economy news, indian express news Finance Minister Arun Jaitley at a press conference in the national capital. (PTI Photo)

Finance Minister Arun Jaitley is holding a press conference at National Media Centre in New Delhi. Addressing the media, Jaitley said that there has been discussions and reviews of the economy in the past few weeks within the ministry. He added that India has been the world’s fastest-growing large economy for the past three years. Speaking about the current economic situation, Jaitley said, “We will appropriately respond to the situation as it develops.”

Arun Jaitley’s press conference LIVE UPDATES: 

The press conference has been concluded. Thanks for joining our live blog. A follow up copy will be up soon.

5: 50 pm: Arun Jaitley said that the finance ministry will announce a set of banking reforms in the next few months.

5:50 pm: Speaking on the recent remarks by Revenue secretary that there would be a rejig in GST rules soon, Jaitley said that it has been a consistent stand of the government. When asked about the opposition’s decision to celebrate November 8 as a black day, he said that if anyone wants to celebrate November 8 as a black day, they can happily do so.

5:45 pm: “‘There was no authentic data available on demonetisation and its impact on job loss. By giving a push to MSMEs, one of our main aims is the creation of new jobs,”Jaitley said when asked about the current slowdown in generation of jobs.

5:40 pm: When asked about whether he was satisfied with the GST collections, Jaitley said that the response of traders towards registering for GST has been tremendous so far. He also said that between 2008 & 2013, public sector banks engaged in indiscriminate lending.

5:30 pm: Arun Jaitley said that more details on the recapitalisation of banks will be given later. Speaking about Rahul Gandhi’s recent comments on calling the GST as Gabbar Singh Tax, Jaitley said that those who are used to 2G and coal gate will have a problem with a legitimate tax system.

5:20 pm: Speaking about the cabinet decision, Arun Jaitley said that there was a need to increase public investment. He said that in the meeting, it was decided that a bold step should be taken to recapitalise banks in the country, which will be accompanied by a series of banking reforms, which the ministry will announce in the coming months. He also said that post demonetisation, the banks have adequate lending capacity now. He also said that public expenditure needs to be stepped up and the measures taken by the cabinet on Tuesday will boost infra spending in a big way.

5:15 pm: Stating that the decisions of the finance ministry that will be announced on Tuesday will benefit the MSME sector and will also help in creating more jobs in the country, the ministry said that the decision will provide improved market access to MSMEs.

5:10 pm: PSB capitalisation plan of Rs 2 lakh 11 thousand crores

The finance ministry announced that various capital infusion measures have been taken by the government to ensure health of public sector banks. The cabinet has approved an unprecedented PSB capitalisation plan of Rs 2,11,000 crores. It also said that public sector banks will catalyse private investments. The move is aimed at improving the condition of the ailing banking sector.

5:00 pm: The finance ministry official said that the ministry will lay renewed focus on Indian Railways. It also announced that work will be done towards ensuring affordable hosuing to all. 2.2 crore families will get a roof over their head, a move which will strengthen the construction industry. Efforts will also be made towards ensuring power supply to villages. Under the Saubhagya scheme (Pradhan Mantri Sahaj Bijli Har Ghar Yojana), universal electrification will be done in all the unelectrified households by March 2019. Efforts will also be made to improve rural connectivity in the country.

4:55 pm: Stating that special thrust has been laid on five key sectors, the Finance Ministry has announced a historic road construction programme Bharat Mala, under which, 34,800 km of roads will be constructed. Also, the border road connectivity will be strengthened to enhance national security. About 2000 km of coastal roads will be constructed in Phase I of the Bharat Mala project, Ashok Lavasa,Finance Secretary said.

4:50 pm: The ministry announced that the real GDP growth average is 7.5% in last 3 years

4:45 pm: Garg also briefed the media on the state of forex reserves during his presentation. He said that India has crossed $400 billion forex reserves.

4:40 pm: Garg also briefed the media on the state of current account deficit and said that there is ‘Very low level of Current Account Deficit’

4:36 pm: “There has been a consistent low inflation story”,Subhash Chandra Garg, Secretary, Department of Economic Affairs, Ministry of Finance, said during his presentation.

4:35 pm: The Finance Ministry is making a presentation titled: The India Story: Speeding for a take-off!

4:30 pm: India has remained world’s fastest growing large economy for the past three years

 

Earlier in the day, Jaitley said the government has decided to waive late fee on the filing of GSTR-3B for August and September. “To facilitate taxpayers, late fee on filing of GSTR-3B for August and September has been waived,” Jaitley tweeted. He added that the late fee which has been already paid will be credited back to the taxpayers’ accounts.

The Ministry of Finance also released GST-related data through its Twitter handle. It said that the total revenue of GST paid under different heads upto October 23, 2017 for the month of September 2017 is Rs 92,150 crore. While the total CGST revenue stands at Rs 14,042 crore, the SGST and IGST revenue are Rs 21,172 crore and Rs 48,948 crore respectively.

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