Union Finance Minister Arun Jaitley has today said that he was not worried by the amount of time taken by the RBI in computing returned currency. Speaking to ET Now, he said that the currency returned to the central bank cannot be in approximation, but an exact figure.
Speaking on the Goods and Services Tax (GST), the finance minister said that there is no room for it get delayed beyond September 15. Stressing that the GST Council expects to implement GST by July 1, Arun Jaitley also said that the Centre intends to take GST legislations to Parliament in the second half of the Budget Session.
The GST will also lead to larger tax collections after initial hiccups are sorted out he added.
During the conversation, the finance minister also discussed on the ongoing Tamil nadu crisis and said that the Centre has no role in the political scenario of the state.
Finance minister Arun Jaitley on Thursday blamed the indiscriminate way loans were extended to big corporates under the UPA government’s watch during the economic boom years of 2003-08 for the twin balance sheet problem festering the economy.
“This is your (UPA’s) legacy… A sin of yours that we are made to pay for,” he said while replying to the debate on the Budget in the Lok Sabha.
As the loans and projects envisaged were in excess of what the demand generated in the economy in the subsequent (crisis) years could allow, banks’ NPAs surged, he noted. As revenue streams of companies remained subdued, defaults occurred and interest burden soared, the minister said, adding the asset quality review done by the RBI also resulted in some hidden under-performing assets coming to the fore.