THE WAY FORWARD
ASSOCHAM TN took the lead in felicitating Mr. Arun Jaitley, Union Minister of Finance, Defence and Corporate Affairs, during a GST conclave held on July 30,2017.
An executive luncheon meeting was held, where the members interacted and gave representations to the ministers. Dr. Vinod Sur ana welcomed the participants and said that the GST coupled with other legislations such as the IBC, Benami Transactions Act, Transparency in Political Funding etc have begin to bring about a holistic change to the economic and industrial landscape. He felicitated the effective work done by the Hon'ble Minister in ushering in the GST and welcomed the importance given to the state of Tamil Nadu as this was the first meeting post GST in India.
Mr. Arun Jaitley, spoke on the occasion and said that GST was not an easy tax reform to implement while stressing that GST regime will make the economy more efficient. He said that the interface with a tax official could lead to corruption and many businessmen thought it is better to be outside the tax bracket and the net result was that India became a tax noncompliant nation. According to him, following the GST regime, the tax base would increase while the weighted average tax rate would come down. 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.
Towards the end, ASSOCHAM TN submitted detailed recommendations to the Finance minister, which included, easing GST roll-out issues with practical solutions (FMCG, medical equipment, hospitals & pharma, manufacturing); detailed report on setting up viable high-tech defence manufacturing cluster in TN.
The Hon'ble minister sought detailed information about the defence sector in Tamil Nadu and welcomed the suggestions and inputs. The conclave saw participation of various trade associations, with over 3000 participants.
Dr. Vinod Surana delivering the welcome address at the Executive meeting. Also seen Mr. Arun Jaitley, Union Minister of Finance, Defence and Corporate Affairs and Ms Nirmala Sitharaman, Minister of State (Independent Charge) for Commerce & Industry.
Dr. Vinod Surana presenting the ASSOCHAM representation to Mr. Arun Jaitley, Union Minister of Finance, Defence and Corporate Affairs.