Attempts to derail GST have failed: FM
India´s transition to the goods and services tax (GST) regime has been “fairly smooth” despite attempts by “illinformed” Opposition leaders to derail its implementation, Finance Minister Arun Jaitley has said. Jaitley, who is on a week long visit to the US to attend the annual meetings of the International Monetary Fund and World Bank, said under the GST, the government has unveiled attractive schemes to ensure that the noncompliant in India become compliant.
“Many attempts have been made by political groups to derail the GST, butIam glad that their own state governments are not listening to them because they know 80 per cent of the money is going to come to them.They don´t have to appease an illinformed central leader of the party and let the revenues of their own state suffer,” Jaitley said. “So, the state governments are being wiser,” he said in response to a question during an event titled India´s market Reforms: The Way Forward.
The obvious problem in the GST, he said, is going to be that the noncompliant are going to eventually come in to the net.The GST Council, according to Jaitley, is India´s first genuine federal institution, which meets every month, reviews the monthly situation, takes the decisions, reviews the rates and changes of rates which will take place in the times to come itself. “It´s been a fairly smooth transition,” he said.
The Business Standard, New Delhi, 11th October 2017