Goods & Services Tax (GST) has replaced multi-layered, complex indirect tax structure with a simple, transparent and technology–driven tax regime which has integrated India into a single, common market by removing barriers to inter-State trade and commerce. GST has eliminated cascading of taxes and reduced turnaround time for the transporters and all teething issues are being proactively resolved regularly by the GST Council and the Government. This was stated by Shri Anurag Singh Thakur, Union Minister of State for Finance & Corporate Affairs, in a written reply to a question in Rajya Sabha today.
The Minister further stated that the Government conducts frequent meetings with the trade and industry. Representations received from trade and industry are examined, collated and brought before the GST Council from time to time. Based on the recommendations of the GST Council, amendments have been made to the GST Acts see the CGST (Amendment) Act, 2018, the IGST (Amendment) Act, 2018, the UTGST (Amendment) Act, 2018 and the GST (Compensation to States) Amendment Act, 2018. Amendments in the GST Act have also been carried out in the Finance (No.2) Act, 2019. Further, 34 amendments have been made in the CGST Rules, 2017 till November, 2019.
He also said on another query that government doing large Infusion of capital to PSBs.
In addition to capital infused earlier by the Government, provision of Rs 70,000 crore has been made for infusion of capital by the Government in banks in the Budget for the current Financial Year to boost credit for impetus to the economy. Rs 60,314 crore has been infused so far from this provision, equipping banks for growth. This was stated by Shri Anurag Singh Thakur, Union Minister of State for Finance & Corporate Affairs, in a written reply to a question in Rajya Sabha today.
