Union Finance Minister Arun Jaitley on Tuesday (24 November) offered to discuss with Congress changes in the Goods and Services Tax bill but also said that some of the party's demands can "damage" more than benefit the system.
Addressing an event organised by industry body Assocham, the minister said that it would be "extremely unfair" to the country "if we try to impose in the name of political compromise, a GST with a defective architecture.
The government aims at rolling out the new regime from April 1.
Jaitley made these observations just two days before Parliament is scheduled to meet (26 November) for the winter session with the industry expecting passage of the GST constitution amendment bill.
He described suggestions such as mentioning the tariff rate in the constitution itself as 'preposterous'. He said none of these suggestions were part of the bills moved by the earlier finance ministers, Pranab Mukherjee and P. Chidambaram.
On the issue of increased financial burden that will result from implementation of the seventh pay commission at a time when the economy is facing challenges of low investment and subdued global demand, Jaitley said his mantra is to get one or two extra percentage points in the GDP growth. This would also give protection to the Indian economy from the fast changing and difficult global environment marked by geo-political situation with the rise of ISIS and the terror threats.
The banking sector faces major challenges that are being addressed through steps like package for discoms, he informed.
The finance minister said that real index of ease of doing business is "when captains of the industry stop coming to north block."
He expressed satisfaction that a large number of states are now competing with themselves to attract investments. On specific problems of sectors like real estate, the finance minister said that states would be advised to cut down the red tape and reduce the number of clearances required for the projects.
BW Reporters
Haider Ali Khan is an alumnus of IIMC. He holds a degree in English Journalism from the prestigious campus. His passion includes Aviation, Technology, Politics and Sports.
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