New Delhi: In the ongoing again-and-forth over GST or Goods and Services Tax Finance Minister Arun Jaitley nowadays added a stinging retort to Rahul Gandhi s Gabbar Singh Tax dig. Those who are used to the 2G rip-off and the coal rip-off will evidently have objections to a legitimate tax programme Mr Jaitley stated at a press meet in which several monetary selections were announced.Rahul Gandhi while campaigning in Gujarat the day before today had multiplied GST into Gabbar Singh Tax after one in every of India s biggest fictional villains from the blockbuster Sholay.Rahul Gandhi said the GST had hit lakhs of small investors.Today the Congress vice president took his Gabbar Singh analogy a bit in addition and referred to as it a villain that covets humans s profits . Congress GST = Genuine Simple Tax. Modi ji s GST = Gabbar Singh Tax = yeh kamaai mujhe de de (give up your income) Mr Gandhi published on Twitter.Mr Jaitley and top Finance Ministry officers once more defended the tax reform even as providing an in depth financial roadmap. Of the many reforms the biggest of all of them has been the GST. Very quickly you'll see the important push that the GST reform will deliver to India s boom story stated Subhash Chandra Garg Secretary Department of Economic Affairs.The presentation comes as critics and political competitors have attacked the BJP-led government for what they call bad coping with of key reforms like last 12 months s demonetisation and GST.
NEW DELHI: Finance Minister Arun Jaitley on Tuesday hit returned at Congress chief Rahul Gandhi for describing GST as Gabbar Singh Tax pronouncing people who are used to huge scams in 2G spectrum and coal allocation may have objections to valid tax. He also took potshots at opposition parties selection to staring at November 8 as a Black Day announcing the flow presentations their faith in coins economy. The individuals who had were given used to 2G (telecom) and coal block (allocation) scams could have objections to valid tax Jaitley instructed a information briefing referred to as to talk about state of economy. He became commenting on the Congress vice-president the day prior to this dubbing the Goods and Services Tax (GST) as BJP s Gabbar Singh Tax. The authorities has billed GST which amalgamated extra than a dozen principal and state levies as landmark reform a good way to not just raise economic increase however also scale back tax evasion. The release of GST from July 1 has ended in unified tax across the united states and has helped in getting rid of transport regulations on the motion of products ensuing in their quicker movement and help in developing common marketplace discount in corruption and leakage and in addition help in Make in India programme stated a statement issued after the briefing. It is anticipated to provide increase to sales investment and medium-term monetary increase it said. Despite the teething troubles that the government and the GST Council are addressing initial results inside the shape of sales raised appear encouraging. During the initial days groups mainly small and medium enterprises have confronted issues in submitting returns. Asked approximately several opposition events announcing that they could study November 8 the first anniversary of demonetisation as Black Day Jaitley said the authorities will retain to insist on less coins financial system. They can genuinely do it. Their religion inside the coins economy may be on show with such birthday celebration he said. Government may be very clear that there should be much less cash economy (however) competition feels that money financial system should be larger. Large amounts of cash in an economic system is visible with the aid of some as indicative of tax evasion and ill gotten wealth or black cash.
The Centre on Thursday announced a massive increase for the banking region by way of approving a Rs 2.11 lakh crore bank recap plan for the in poor health region which incorporates Rs 1.35 lakh crore via financial institution recap bonds and Rs seventy six 000 crore from budgetary guide and market loans. This will honestly cheer up the banking quarter that is grappling with asset worries. Latest available facts advise a few 39 listed banks had accumulated Rs eight.35 lakh crore worth of non-performing belongings. Among key crucial decisions to revive the economic system authorities additionally announced mega Rs 7 lakh crore road building project to increase greater than 83 000 km of roads. Recognising the need for boost to economic system Finance Minister Arun Jaitley stated: Government has conducted an intensive economic survey. We have had targeted session with Prime Minister on the country of the financial system. We have decided on the stairs needed to sustain the boom momentum. Finance Minister Arun Jaitley said the recapitalisation of kingdom banks would be observed with the aid of a series of reforms. He did now not deliver information. Here are the highlights of key choices taken nowadays: 1. A mega road building programme. Under this programme government will assemble 83 000 km highways with an investment of almost Rs 7 lakh crore in the subsequent five years. This will generate 14.2 crore guy-days by means of 2022. 2. Bharatmala mission can be the umbrella project beneath which the mega road improvement work may be undertaken. Under this authorities will develop 34 000 km of roads with an investment of Rs five.35 lakh crore. Three. Government also announced large Rs 2 lakh 11 thousand crore financial institution recapitalisation plan. 4. Highlighting the need to strengthening bank government said it s time to create more potent banks to catalyse stalled personal funding inside the country. Five. Rajiv Kumar Financial offerings secretary stated that the authorities will function banks for take off inside the economy. 6. Under a sensible reputation of banks NPA situation Rajiv Kumar stated that the NPAs jumped from 36% in the March 2014 to 82% in June 2017. 7. The banking region is grappling with asset worries. Latest available information advocate some 39 indexed banks had collected Rs eight.35 lakh crore really worth of non-acting property. State-run banks along with IDBI Bank IOB UCO Bank Bank of Maharashtra Central Bank Dena Bank Union Bank and Corporation Bank had gross NPAs in extra of 15 according to cent of gross advances as in line with their modern day disclosures.
ALSO READ sixty six% report sale returns under GST Just in the future left to report GST returns; snags go away buyers pressured Deadline extended: Everything you want to realize approximately GSTR-3B GST returns filing: Govt waives penalty charges for past due registration three.Three mn GSTR-3B returns filed until noon: GSTN chairman span.P-content div id =div-gpt line-height: 0px; font-length: 0px; Finance Minister Arun Jaitley has announced to waive off overdue charge on the submitting of GSTR-3B for August and September. The past due fee paid can be credited returned to the taxpayer s ledger. To facilitate taxpayers past due rate on filing of GSTR-3B for Aug
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