The Union Minister for Finance and Corporate Affairs Arun Jaitley said that the Government is committed to facilitate trade and industry in the country so that the momentum of the growth continues to move up. He asked the captains of Indian industry to comply with the recent recommendations of the GST Council with regard to the reduction of rates of various items and pass on the benefits to the consumers at large. The Finance Minister was speaking when a delegation of Federation of Indian Chambers of Commerce and Industry (FICCI) called on him in his office in New Delhi.
Jaitley said that the process of reforms in case of direct and indirect taxes will continue in order to facilitate and further expedite the process of ease of doing business in the country. He said that the Insolvency and Bankruptcy Code (IBC) has brought a change in the credit culture in the country and is helping the Banking Sector in making fast recoveries.
"GST is now on the track and is in process of fast settling down. The thrust of the Government is to lower the tax rate and widen the tax base and keep the revenue collections moving-up. The indirect tax collections will further increase in future", Jaitley said.
"India continues to be the sweet spot as far as the Foreign Direct Investment is concerned and is the fastest growing economy in the world", he added.
To continue with the process of Direct Tax reforms President, FICCI requested the Finance Minister to consider lowering of the Corporate Tax Rate to 25% for all companies irrespective of their turnover. A rationalisation of the Corporate Tax Rate would make the Indian Corporate Sector globally competitive.
