Process of reforms to continue, focus on lower tax rate and wider tax base : Jaitley

Speed Post News Network

New Delhi : Union Finance and Corporate Affairs Minister Arun Jaitley on March 5, 2019, said that the Government is committed to facilitate trade and industry in the country so that the momentum of the growth continues to move-up. He asked the captains of Indian industry to comply with the recent recommendations of the GST Council with regard to reduction of rates of various items and pass on the benefits to the consumers at large. Jaitley was speaking to a delegation of Federation of Indian Chambers of Commerce and Industry (FICCI) which called on him at his office in New Delhi.

Jaitley said that the process of reforms in case of direct and indirect taxes will continue to facilitate and further expedite the process of ease of doing business in the country. He said that Insolvency and Bankruptcy Code (IBC) has brought a change in the credit culture in the country and is helping the Banking Sector in making fast recoveries. The Finance Minister said that GST is now on the track and is in process of fast settling down. The Finance Minster said that the thrust of the Government is to lower the tax rate and widen the tax base and keep the revenue collections moving-up. He said that the indirect tax collections will further increase in future.

The Finance Minister further said that India continues to be the sweet spot as far as the Foreign Direct Investment is concerned and is the fastest growing economy in the world. He concluded that the Government is committed to keep this growth momentum high and inclusive to ensure that the benefits of growth reaches to all sections of the society especially to the vulnerable and weaker sections, according to a PIB release.