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Monday, 31 July 2017

Govt would not blink if larger national interests are involved: Arun Jaitley

Union finance minister Arun Jaitley on Sunday said the government would not blink first against the opposition if there are larger national interests involved.

Addressing a GST Conclave here, he also said that the GST was not an easy tax reform to implement and there are people who wanted to stall reforms.

He also added that the days of bankers losing sleep over after borrowers willfully not repaying their loans running into thousands of crore are over, with the government bringing in the Insolvency and Bankruptcy Code.

Jaitley also promised that the GST Council would consider the representations made to him by the industry bodies.

Union commerce minister Nirmala Sitharaman, who was also present, said it was the first time in the country post implementation of GST, various industry bodies were assembled on one dais and appreciated the new tax regime.

She said all the decisions taken by the GST Council were on consensus basis.

Tamil Nadu finance minister D.Jayakumar said the single tax regime under GST would benefit the consumers.

Referring to the issues faced by the fireworks and textiles industries, he hoped that the GST Council would bring down the tax rates applicable for these sectors.

Earlier in the day, Jaitley met the industry bodies and also accepted their representations.

Source:-Hindustantimes

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