THE WAY FOR­WARD

Assocham Bulletin - - GOVERNMENT INTERACTIONS -

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.

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