President hopes Govt will set up GST Council soon
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President Pranab Mukherjee on Saturday hoped the government will set up a Goods and Services Tax (GST) Council soon and reduce cascading effect of indirect taxes.
President was speaking at the centenary celeberations of Karur Vysya Bank in Chennai.
The GST,has been ratified by 19-20 states after Parliament nod last month.
Mr Mukherjee said GST council will have the responsibility to fix one uniform rate of goods and services Tax.
President hope the finance ministry will take appropriate steps to set up the GST council.
The President on Thursday gave assent to Constitution Amendment Bill on the new indirect tax regime which the government wants to roll out from April 1 next year.
The assent paves the way for setting up of a GST council that will decide the tax rate and the cess and surcharges that are to be subsumed.
The the government will notify the GST Council. Headed by Union Finance Minister Arun Jaitley,the Council will comprise state Finance Ministers.
GST, will replace an array of central and state indirect taxes like excise duty, service tax and VAT.
Mr. Mukherjee said the effort made over almost one and half decade fructified with the passage of GST legislation.
President said India has firmly established itself as the fastest growing large economy with a GDP growth rate of 7.3 per cent in calendar year 2015.
President Pranab Mukherjee has said the Non-Performing Assets of Indian banks are a matter of concern, though they were able to withstand global turmoil of financial institutions in the past.
He said even when major banks in the West and North America suffered major jolts in 2008, Indian financial institutions stood solidly, backed by prudent management and by avoiding profligacy.
President Mukherjee reminded that bankers are the trustees of public money and should always remember that it is their sacred responsibility to protect the money of the public who have reposed their faith on them. #casansaar (PTI)
President was speaking at the centenary celeberations of Karur Vysya Bank in Chennai.
The GST,has been ratified by 19-20 states after Parliament nod last month.
Mr Mukherjee said GST council will have the responsibility to fix one uniform rate of goods and services Tax.
President hope the finance ministry will take appropriate steps to set up the GST council.
The President on Thursday gave assent to Constitution Amendment Bill on the new indirect tax regime which the government wants to roll out from April 1 next year.
The assent paves the way for setting up of a GST council that will decide the tax rate and the cess and surcharges that are to be subsumed.
The the government will notify the GST Council. Headed by Union Finance Minister Arun Jaitley,the Council will comprise state Finance Ministers.
GST, will replace an array of central and state indirect taxes like excise duty, service tax and VAT.
Mr. Mukherjee said the effort made over almost one and half decade fructified with the passage of GST legislation.
President said India has firmly established itself as the fastest growing large economy with a GDP growth rate of 7.3 per cent in calendar year 2015.
President Pranab Mukherjee has said the Non-Performing Assets of Indian banks are a matter of concern, though they were able to withstand global turmoil of financial institutions in the past.
He said even when major banks in the West and North America suffered major jolts in 2008, Indian financial institutions stood solidly, backed by prudent management and by avoiding profligacy.
President Mukherjee reminded that bankers are the trustees of public money and should always remember that it is their sacred responsibility to protect the money of the public who have reposed their faith on them. #casansaar (PTI)
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