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Hope anti-profiteering law won't have to be used: FM Arun Jaitley

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Finance minister Arun Jaitley has expressed the hope that the government will not have to use the anti-profiteering provision of the goods and services tax (GST) and said prices should drop overall under the new regime to be put in place on July 1.

Jaitley said in an interview that there may be some challenges initially, but expects companies to get accustomed to GST quickly, calling for patience as the reform is rolled out.

"On an overall basis, the net weighted average of the whole consumption basket is less than what it was," he said. "So, in terms of weighted average it should come down."

India is one of the few countries that has shown it has the ability to carry out structural reforms, Jaitley said, citing insolvency laws, overseas investment reforms and the Air India disinvestment plan.

On some sections of industry seeking a GST deferral, the minister said the government has been atypically ahead on this count."Normally, in a reform process, the private sector is ahead of the government," he said. "This time government seems way ahead of private sector. For an industry association to say postpone it in face of a constitutional amendment was highly regrettable."

The Economic Times New Delhi, 30th June 2017

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