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GST to be best achievement of Modi govt: ASSOCHAM
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SME Times News Bureau | 22 May, 2017
Progress towards realising the pan-India single tax system, the Goods
and Services Tax (GST), will be the biggest achievement of the Narendra
Modi-led government, industry organisation Assocham said on Sunday.
As
the NDA government completes three years in office, besides the GST
that was nearing a roll-out, its other achievements on the economic
front would be financial inclusion, digitisation and public investment
on infrastructure -- railways and power distribution, the Assocham said
in a release here.
"The implementation of the GST in the next few
weeks would cap other major initiatives of the government," said
Assocham President Sandeep Jajodia.
Perceived as another credible
step for structural changes in the economy was the focus on improving
ease of doing business through measures like the GST and other taxation
reforms, he added.
The GST Council at its 14th meeting held in
Srinagar on Friday announced the fitment of services, as well as of
1,211 goods in the GST tax rates, heading towards the proposed July 1
roll-out.
The next meeting of the Council to decide on the rates
of the remaining six goods items, including gold and beedi, was slated
to be held here on June 3.
Assocham said the "clean-up" of the
subsidy disbursal process was yet another big plus of the government,
which is pursuing to link Aadhaar ID with every bank account holder.
Helped
by favourable fall in the crude oil prices, elimination of subsidy on
petrol and diesel and significant reduction in other fuels, including
cooking gas, have brought a great improvement in the balance sheets of
state-run oil marketing companies, it said.
India's foreign
exchange reserves have touched an impressive high of $372 billion,
boosting the rupee value, which is helping tame inflation further, it
added.
Following several measures to open up foreign direct
investment (FDI) in key areas like defence, insurance, infrastructure,
the country has received record net FDI of $100 billion in the last
three years, while foreign funds are pumping in huge liquidity into the
stock market.
"Riding on ample liquidity and confidence of the
global fund managers, India's market capitalisation has crossed a
massive $2 trillion, so much so that some kind of caution is needed to
handle such inflows," Assocham said.
"While, a high level of
banks' non-performing assets (NPAs) remains an area of concern, the
government has taken some decisive measures like empowering the Reserve
Bank of India to set up Oversight Committees and refer the toxic assets
for insolvency and all these should help resolution of the nagging
problem," it added.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
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66.20
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64.50 |
UK Pound
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87.50
|
84.65 |
Euro
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78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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