Nirmala Sitharaman speaks on two years of GST, Modi 2.0's commitment to keep fiscal deficit at 3.3% of GDP
Nirmala Sitharaman has emphasised that the Modi 2.0 Government is fully committed to keep fiscal deficit under control and GST is going to play an important role in this regard.
Finance Minister Nirmala Sitharaman has emphasised that the Modi 2.0 Government is fully committed to keep fiscal deficit under control and Goods and Services Tax (GST) is going to play an important role in this regard. While replying to the Union Budget 2019 debate in the Lok Sabha, the Finance Minister said that the budget 2019 estimates to keep the fiscal deficit at 3.3 per cent of the GDP, 0.1 per cent below the fiscal deficit estimated in the interim budget presented on February 1, 2019. She said that attracting investment to boost investment in agriculture, especially in the social sector that includes education and healthcare, Modi 2.0 Government's job is going to become easier in this regard.
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Giving the spread of GST revenue collection post-GST implementation on 1st July 2017 Nirmala Sitharaman said in Lok Sabha, "With a continued emphasis on empowering all stakes, roral resources transferred to the states including devolution of the state share in taxes and the releases under the centrally sponsored schemes in BE (Budget Estimates) 2019-20, is estimated to be Rs 13,29,428 crore. This entails an increase of Rs 82,845 crore in revised estimates of FY2018-19 and Rs 2,44,298 crore higher than the actuals of FY2017-18."
Nirmala Sitharaman emphasised that after the two years of GST implementation, the Modi 2.0 Government is fully committed to keep the Fiscal DEficit under its check and hence they are working hard to attract substantial investment in agriculture and other social sectors like education and healthcare. In the interim budget presented by Piyush Goyal on February 1, 2019, the fiscal deficit was estimated at 3.4 per cent of the GSP for fiscal 2019-20.