No proposal is currently under consideration to increase GST: FM

No proposal is currently under consideration to increase GST: FM

Yesterday, December 13, Finance Minister Nirmala Sitharaman, Chief Economic Advisor K Subramanian and Revenue Secretary Ajay Bhushan Pandey held a press conference claiming that the economic reforms the government has taken in the past and the major decisions taken against sluggishness Used to be. In this press conference, the Finance Minister also said that no proposal is currently under consideration to increase GST. He said that no review of GST is being done yet. These speculations are everywhere except in our office. The GST Council has not met yet. Where are these speculations coming from, we do not know. There is no discussion about the review of rates.

On the other hand, Revenue Secretary Ajay Bhushan Pandey said that a special drive was launched to speed up tax refund for small and medium scale industries and it is getting results. He further stated that refunds have been issued for MSMEs. At present 74,000 refund cases are pending. Refund owes Rs 10,841 crore. So far, refunds worth Rs 9,561 crore have been approved. The remaining refund will be completed soon.

Several steps to improve the economy were discussed in this press conference. Also, for the first time, formal data was presented by the government on the employment front. According to the new government data on employment, the number of employed people has increased by 5% in 2017-18 as compared to 2011-12. The number of casual workers has fallen by 5 percent during this period. At the same time, employment in the agriculture sector has fallen by 5 per cent during this period. During this period, employment in the service sector has increased by 4% and the employment rate of the industry has increased by 1%. Employment in the organized sector has increased by 2 per cent, while in the unorganized sector it has decreased by 2 per cent. The number of how many new jobs were found and how many were unemployed is not given.

Taking a look at the highlights of this entire press conference, it said that several major steps have been taken to improve the economy. Large amounts of cash have been poured into the economy. Rs 25,000 crore has been approved for the stuck housing project. This approval was given in just 6 to 8 weeks. 13 institutions including HDFC, SBI, LIC have taken interest in it. Work has also started on proposals worth Rs 10,000 crore. Government banks have disbursed loans worth Rs 4.9 lakh crore to the loan fair. 4.47 lakh crore has been given to NBFCs and HFCs. Credit guarantee of Rs 7657 crore has been approved in 2 days. Government companies have also spent Rs 3.38 lakh crore on expansion. PSUs have also spent 66 per cent of the expansion plans. Government companies have also paid arrears of Rs 61,000 crore. In the first 6 months, FDI has come in as $ 35 billion.