Skip to main content

Arrive at a consensus on GST fast: Mamata tells Amit Mitra

By
In what could be the best push for the longpending goods and services tax ( GST), West Bengal Chief Minister Mamata Banerjee on Tuesday asked state finance minister and chairman of the empowered committee on GST, Amit Mitra, to arrive at a consensus on the issue soon.
“So far, no one has been able to do it. Now, Amit Mitra is leading it. A lot has been said; now, it’s time for action,” Mamata said. “ We want a one- tax formula for the industry. We have had it in our manifesto since 2009. We are in the Opposition, but we are still fighting for GST.” However, she also chose to take on the Centre for creating an ‘ environment of mistrust’, so that her party’s support for GST would not be construed as support for the Modi government.
Mamata also criticised the Centre’s smart city concept, though New Town Rajarhat on the northeastern fringes of Kolkata has been included in the latest list of smart cities announced by the Centre.
“This is a completely flawed concept. The money is for a building. We could have made better use of this money... Rajarhat is anyway ‘ oversmart’,” she said. Under the Smart Cities Mission, each selected city will get central assistance of ? 100 crore a year for five years. The West Bengal government has taken it upon itself to build six theme townships.
Mamata said her government would work towards preparing a vision document for five, 10 and 15 years. “ We will focus on automobile and manufacturing sectors.”
Business Standard New Delhi,08th June 2016

Comments

Post a Comment

Popular posts from this blog

Govt’s gamble on GST cuts: What do the bond and currency markets signal?

By
  It’s not just humans who suffer from cognitive biases; markets do too. Interestingly, different financial markets exhibit distinct biases, each interpreting events through its own prism of prejudice. Take the recent announcements on GST reforms: equity markets have chosen to view them through the lens of growth, while bond and currency markets are focusing on potential macroeconomic risks—fiscal pressures and current account challenges. So, which lens captures the true pulse?Equity markets may be right in expecting GST reforms to revive consumption, which has remained lacklustre for a while. But the key question remains—will this revival come at the cost of broader macro stability?It is well known that consumption stocks have rallied since the GST rationalisation announcement. But what about bond markets? What signals are they sending since this rejig was announced from the ramparts of the Red Fort?The signs aren't encouraging. Bond prices have slumped and yields have surged sinc...
Post a Comment
Read more

Luxury carmakers urge clarity on GST rates to boost festive season sales

By
  A clear picture regarding new GST rates at the earliest will help the overall auto industry, including the luxury car segment, to regain momentum in the ongoing quarter, which generally sees enhanced sales on account of the festive season.The high-powered GST Council, chaired by Finance Minister Nirmala Sitharaman, will meet on September 3-4 to discuss moving to a two-slab taxation.In an interaction with PTI, BMW Group India President and CEO Hardeep Singh Brar said the recent speculation about the change in GST rates has caused uncertainty in the minds of consumers.Consumer interest and demand is strong, but they (prospective buyers) have adopted a wait-and-watch approach, and this delayed decision-making is impacting new vehicle sales at a certain level, he noted."Expediting clarity on GST rates is essential to get back to speed and ensure the auto sector's contribution to economic growth during this quarter is robust," Brar stated.He also hoped that the sustainable p...
Post a Comment
Read more

Sebi proposes tighter norms for green bond third-party reviewers

By
  Sebi on Friday said it has proposed to tighten the norms to appoint independent third-party reviewers or certifiers for green debt securities to align them with requirements for other ESG-linked bonds.In a draft circular, Sebi said that the current norms for green bonds, introduced in February 2023, lack detailed requirements around reviewer independence, conflict of interest mitigation, and disclosure standards that are now in place for other ESG-linked securities under a June 2025 circular.The regulator's latest proposal seeks public comments on a revised framework that would bring parity by incorporating comprehensive criteria for third-party certifiers of green bonds on non-convertible securities.Under the proposed norms, issuers of green debt securities will need to appoint reviewers who are independent of their management, directors, and key managerial personnel. These reviewers will be remunerated in a way that prevents any conflicts of interest and possess relevant expert...
Post a Comment
Read more