Finance Minister Arun Jaitley on Thursday said that if re-elected, the BJP-led National Democratic Alliance (NDA) will continue with fiscal prudence and lower tax rates. He also hinted at lowering tax on cement during next round of tax cuts.
Finance Minister Arun Jaitley on Thursday said that if re-elected, the BJP-led National Democratic Alliance (NDA) will continue with fiscal prudence and lower tax rates. He also hinted at lowering tax on cement during next round of tax cuts.
Jaitley was addressing the Confederation of Indian Industries' (CII) Annual General Meeting (AGM) here in the national capital.
"I speak in terms of taxation policies. I'm quite clear in my mind that on two issues at least we had — a lot of good fiscal prudence and we brought the rates down, these are two areas, if we are in power we will continue the same glide path," he said.
Jaitley said that to make housing cheaper the tax rates on the all the inputs except one have been made brought down to 12 per cent or 18 per cent from 28 per cent.
"In the last 20 odd months of the GST except for cement that is because of affordability, every item of consumption has come down to 18% and 12% category from 28%. So, it is only a matter of time that the last one also comes down," Jaitley said.
Jaitley said India's growth has stabilised between 7-7.5% and irrespective of global trends, domestic consumption is going to increase. "We have come to 7-7.5% range despite the fact that there is no global boom or support of any kind, and we have stabilised at that, you need to graduate further," he added.
Jaitley said that India has remained the fastest growing economy despite a few hiccups, and if this rate of growth is maintained for the next decade or so, we can reduce poverty to negligible levels.
The minister said that during the last five years the government did not increase tax rates. The lower taxes resulted in doubling of tax base and increased tax collection, he added.
Asked what steps would be taken if the government comes to power, Jaitley said, "Wait for a couple of days, when our manifesto comes out, you may find some of the views expressed in that."
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 "Arun Jaitley")
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