SME Times News Bureau | 10 Jun, 2014
Finance Minister Arun Jaitley Monday urged the state governments to
support the Goods and Services Tax (GST) saying it can significantly
improve economic growth.
During a meeting with state finance
ministers, who hold the key to implementing the crucial tax reform,
Jaitley said some "vexatious" issues remain that need to be addressed
for implementation of the new tax regime.
"Implementation of GST
has the potential to significantly improve the growth story. Many of
you would recall that a decision to implement GST was taken in 2007-08
and an empowered committee was formed for building consensus on this
issue," Jaitley said during the meeting attended by finance ministers of
all states and union territories.
"I have been informed that
on many issues convergence of views has happened and there are some
vexatious issues which only need resolution. I wish and hope that these
will be sorted out sooner than later," he said.
The finance minister said a consensus needed to be evolved for successful implementation of the GST.
With
a view to grant greater autonomy to states, Jaitley said the funds for
Centrally Sponsored Schemes would be routed through the state
governments.
"Flexi funds" as part of this decision also exist to tailor the scheme implementation to meet the local requirements, he said.
"I
urge all of you to use this forum for making suggestions for improving
implementation of various welfare programmes of the government," Jaitley
added.
Realisation atlast Alok Dhotekar | Thu Jun 12 07:54:06 2014
It is good that BJP who as opposition party opposed GST all these years has now accepted its importance. The opposition by BJP was the major reason for the delay in indirect tax rationalisation and the then ruling party had to suffer, and BJP blamed policy paralysis.
I hope now this will be implemented at the earliest
