Steps to boost growth on anvil, says Arun Jaitley

Post note ban GST government considers financial stimulus to economy

"Today, they are raising their voices over 3.36%".

He also maintained that inflation is well under control and within the monetary policy target of 4 per cent.

Questioned about the spike in petrol and diesel prices, Jaitley slammed the Opposition parties for crying foul over the high prices and dared the Congress and CPI-M led State governments to slash the value-added tax they have imposed on petroleum products. "And in this spike period, it is 3.36%, so it is in keeping with traditional Indian standards". Along with PM Modi and FM Jaitley, secretaries of the finance ministry were also about to meet to analyse the economic situation of the country the report said. State unit chief Ajay Maken said party workers will launch a peaceful protest and form a human chain from Mandi House to Parliament House to create awareness about the "all-time high" petrol and diesel prices.

"States are taking so much tax... earlier under the fortnightly pricing regime, when two years back we lowered fuel prices, states like Delhi, Haryana would immediately raise VAT to earn more money".

"And of the Central tax receipts from petrol, 42% of that goes to the states", Mr. Jaitley said.

On the current high transport fuel prices, Jaitley said it was a temporary spike in global prices caused by the supply-demand mismatch due to hurricanes that hit the U.S. coast.

"That temporary spike will be limited, as the Petroleum Minister had pointed out", he said. "How will highways be built?" He said the plan will be unveiled only after "consulting" Prime Minister Narendra Modi.

According to sources, the Prime Minister's Office (PMO) has asked the Finance Ministry to hold consultations with key ministries to prepare a matrix of government revenues and spending as well as measures needed to arrest the decline in GDP growth.

"We have taken note of all economic indicators which are available". This has been a pro-active government on the reforms agenda. And over the last two days, I have had a series of discussions with my ministerial colleagues and officials and other experts within the government. The government will take all necessary additional moves.

"A lot of the GST problem is self-invited by assessees". "Today is the last day for filing returns for August. Till last night, there was no problem", he added.

"The capacity of the system is huge and it can handle one lakh returns per hour", he stressed. "So, if everybody decides to wait for the last day, then of course they will have to wait for some time".



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