FM Nirmala Sitharaman pitches for rationalisation of GST rates once a year, not every 3 months
Union Finance Minister Nirmala Sitharaman on Sunday pitched for rationalisation of GST rates once a year and not every three months as was the trend so far.
Union Finance Minister Nirmala Sitharaman on Sunday pitched for rationalisation of GST rates once a year and not every three months as was the trend so far. Moreover, she said the Centre, in the Budget 2020, has laid the foundation of increasing consumption while ensuring that the government's investment is deployed to build infrastructure leading to a USD 5 trillion economy by 2024-25.
"I think we have laid the foundation for increasing consumption, ensuring that capex (capital expenditure) and government's investments will go towards spending on building of assets in infrastructure which should have cascading effects both in the short term and in the long term," Sitharaman told reporters, as per a report by news agency in PTI.
She said, "In order to address rural distress, 16 focused action points have been announced in the budget. So I expect all this will lead to a five trillion dollar economy."
Announcements were made in the Budget about various projects which are happening in different states, the finance minister said.
Also, Nirmala Sitharaman said that the government wants continuous engagement with industries and businesses and will act as a facilitator for hassle-free payments of taxes. She was interacting with the members of trade and industries in Kolkata, a week after presenting the Union Budget for 2020-21 in Parliament on February 1.
"The broad message which is apparent is that the government wants continuous engagement with industry and business. And my presence here is not in response to what is happening inside (country) and outside," Sitharaman said. She said the Centre has introduced some features in the budget like "faceless appeals and sorting out of problems while imparting tax administration". Sitharaman said this will be made possible only with the help of new technology.
"Over the years, we had to remove all the dead wood gathered with a pincer. This will help the government to fulfill its commitments made in the budget," she said.
Referring to issues relating to GST, the finance minister said it is not the Centre to initiate steps for reduction of rates, the state ministers should also represent cases so that a synergy could be built.
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