New Delhi, December 17: Finance Minister Arun Jaitley attended the Federation of Indian Chambers of Commerce & Industry’s (FICCI) 89th Annual General Meeting AGM on Saturday and spoke on Goods and Services tax (GST) and the government’s long term vision of demonetization.
Disdaining all the attacks on the Narendra Modi-led government’s demonetization move, Arun Jaitley said, “Amongst the emerging economies, if we look at India, I think it’s a refreshing change from what’s happening in the rest of the world.” India has capacity to take decision on demonetization, it's no longer a fragile economy, The Finance Minister told a gathering of industry leaders. He reiterated that the decision with regard to currency marks a very important beginning for the country.
Further justifying the people’s liking to the recent note ban in India, he compared it to the Britain’s surprising decision to move out of the European Union this year. “Brexit-vote surprised many and most people felt that eventually one of the world's most matured democracies will not vote the way it did.”
“The process of remonetization is not going to take a lot of time”, he added. The Finance Minister also shed light on government’s stance on GST saying the curtains will be down on current mode of taxation by 16th September 2017 while he hopes that GST should be implemented by 1st April 2017.
“The constitutional necessity for it (GST) to come into force is between April 1 and September 16”, he said.
Amid all the GST-related talks, Jaitley said, “Having passed the constitutional amendment, there are several decisions which the GST Council has to take. There are about ten important decisions which have already been taken with consensus.”
“Legislations which have to be passed by Parliament under constitutional amendment and state legislatures are currently in process of being drafted.”
Arun Jaitley also said that he doesn’t see any major difficulty in these legislations to get finally approved.