Skip to main content

Amit Mitra to head panel of state finnace ministers on GST

By
West Bengal Finance Minister Amit Mitra has been named the new chairman of the empowered committee of state Finance ministers that is working out the details of the proposed goods and services tax (GST). He will succeed Kerala Finance Minister KM Mani, who resigned in November over corruption charges.
Mitra, an economist who was secretary general of the Federation of Indian Chambers of Commerce & Industry before joining politics in 2011 and becoming a minister in the Trinamool Congress government in West Bengal, was elected at a meeting of state finance ministers that was attended by Finance Minister Arun Jaitley.
Minister of state for finance Jayant Sinha said Mitra was elected head of the committee at the meeting on Friday.
Mitra didn't attend the meeting as he was unwell and was informed about the decision over the phone by Jaitley. The head of the panel has always been from an opposition partyruled state. CPI-M's Asim Dasgupta of West Bengal held the post when the United Progressive Alliance was in power and Sushil Modi from Bihar succeeded him. In July 2013, Jammu & Kashmir finance minister Abdul Rahim Rather was appointed chairman after Modi quit. Mani succeeded him in March last year. will replace multiple indirect taxes with one simple tax, creating a boundary-less national market that some estimate will lift India's GDP by as much as 2%.
"We are hopeful that GST will be passed in the budget session. We are getting support from all the states present here, all parties on GST," Sinha told reporters here. The budget session starts next week. The government's plan to roll out GST from April 1may be pushed to next year after the Congress party stalled proceedings in the Rajya Sabha.
Hindustan Times, New Delhi, 20th Februry 2016

Comments

  1. Louis Vuitton iPhone 6S Case21 February 2016 at 08:50

    Mitra of the state finance Ministery does not attend the meeting as he has been informed. The head of the panel has away from an opposition state.

    ReplyDelete

Post a Comment

Popular posts from this blog

RBI deputy governor cautions fintech platform lenders on privacy concerns during loan recovery

By
  India's digital lending infrastructure has made the loan sanctioning system online. Yet, loan recovery still needs a “feet on the street” approach, Swaminathan J, deputy governor of the Reserve Bank of India, said at a media event on Tuesday, September 2, according to news agency ANI.According to the ANI report, the deputy governor flagged that fintech operators in the digital lending segment are giving out loans to customers with poor credit profiles and later using aggressive recovery tactics.“While loan sanctioning and disbursement have become increasingly digital, effective collection and recovery still require a 'feet on the street' and empathetic approach. Many fintech platforms operate on a business model that involves extending small-value loans to customers often with poor credit profiles,” Swaminathan J said.   Fintech platforms' business models The central bank deputy governor highlighted that many fintech platforms' business models involve providing sm
Post a Comment
Read more

Credit card spending growth declines on RBI gaze, stress build-up

By
  Credit card spends have further slowed down to 16.6 per cent in the current financial year (FY25), following the Reserve Bank of India’s tightening of unsecured lending norms and rising delinquencies, and increased stress in the portfolio.Typically, during the festival season (September–December), credit card spends peak as several credit card-issuing banks offer discounts and cashbacks on e-commerce and other platforms. This is a reversal of trend in the past three financial years stretching to FY21 due to RBI’s restrictions.In the previous financial year (FY24), credit card spends rose by 27.8 per cent, but were low compared to FY23 which surged by 47.5 per cent. In FY22, the spending increased 54.1 per cent, according to data compiled by Macquarie Research.ICICI Bank recorded 4.4 per cent gross credit losses in its FY24 credit card portfolio as against 3.2 per cent year-on-year. SBI Cards’ credit losses in the segment stood at 7.4 per cent in FY24 and 6.2 per cent in FY23, the rep
Post a Comment
Read more

India can't rely on wealthy to drive growth: Ex-RBI Dy Guv Viral Acharya

By
  India can’t rely on wealthy individuals to drive growth and expect the overall economy to improve, Viral Acharya, former deputy governor of the Reserve Bank of India (RBI) said on Monday.Acharya, who is the C V Starr Professor of Economics in the Department of Finance at New York University’s Stern School of Business (NYU-Stern), said after the Covid-19 pandemic, rural consumption and investments have weakened.We can’t be pumping our growth through the rich and expect that the economy as a whole will do better,” he said while speaking at an event organised by Elara Capital here.f there has to be a trickle-down, it should have actually happened by now,” Acharya said, adding that when the rich keep getting wealthier and wealthier, they have a savings problem.   “The bank account keeps getting bigger, hence they look for financial assets to invest in. India is closed, so our money can't go outside India that easily. So, it has to chase the limited financial assets in the country and
Post a Comment
Read more