- 1 year ago
In an exclusive interview with India Today TV, Finance Minister Nirmala Sitharaman talked about the next-generation GST reforms, GST classification, how the GST reforms benefits will be passed on to common man, the opposition's 'Gabbar Singh Tax' jibe on GST and much more.
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00:00:00Namaskar, I am Shweta Singh, I am Mariya Shaqeel, and India Today has an incredible and I will say this is the biggest interview we have today.
00:00:10This is historic and why do we say this is history?
00:00:15Because Finance Minister Nirmala Sita Raman stands as a historic pillar in India's economic leadership.
00:00:23She is India's only finance minister to have presented eight consecutive budgets.
00:00:30Her stewardship has been marked by resilience, vision and transformative policy making during the most difficult and unprecedented challenges and times.
00:00:42Ma'am is now leading what is being called next generation GST reforms and she is here with us.
00:00:51Welcome to India Today, Anash Tak, Ma'am.
00:00:54And this is the reason that we have also committed to it.
00:00:57I do not think that there is an interview in television where the whole country can be connected to itself.
00:01:05Ma'am, for you, we have been connected to different parts of the country, different cities, different cities.
00:01:13And also, through social media, the whole country will also be connected to each other.
00:01:17And all of those people want to say something you want to say there, something you can say, something you can say, something you can say.
00:01:23But, Nirbhala Ji, GST has been a situation for which has been said that the whole country is one.
00:01:33But it has become so full-form, so full-form, so full-form, so full-form.
00:01:37I think that today, what Pradhan Mantri said, is good and simple tax.
00:01:41Do you think, after eight years, this is finally good and simple tax?
00:01:46Absolutely.
00:01:47It is good and simple.
00:01:49No doubt.
00:01:50What you have told me, it is right.
00:01:53Because, before coming to GST,
00:01:57there was a rule in every government,
00:02:00there was a rule on its own.
00:02:02There was a rule on its own.
00:02:03There was a rule on GST.
00:02:07There was an exercise duty, a VAT, a CES, a state-level tax.
00:02:14There was a rule on GST, everything that was established in all taxes,
00:02:19GST was created.
00:02:21At that time, I want to make a decision.
00:02:24At that time, at that time,
00:02:26at that time,
00:02:28at that time,
00:02:29at that time,
00:02:30at that time,
00:02:31at which rate was on a single item,
00:02:34at that time,
00:02:37at that time,
00:02:39at that time,
00:02:40at that time,
00:02:43If my Hindi is not very clear, the rate for any one item pre-GST was kept in mind
00:02:53and post-GST, during the introduction of GST, that rate was kept in mind
00:03:00and very much little to this side or that side, the GST rate was fixed.
00:03:05So, no rate pre-GST was too far away from the rate which was fixed for GST.
00:03:15And that, when I'm doing that, I don't have to consider the revenue consideration.
00:03:23If you think that one item was pre-GST, 5% or 6%.
00:03:28In the GST, which is closest to GST?
00:03:365% or 12% or 18% or 28%?
00:03:42So, I got this 6% item in 5.
00:03:45So, I got this 5% item in 5.
00:03:46So, every item in 5, which is in 5, which is in 5, which is in 5, which is in 6 or 4, which is in 12, like 10, or 13, or 14, which is in 12.
00:04:02So, after GST, whatever the variety of rates were all compared to GST rates were all compared to GST rates.
00:04:15So, today, I'm sitting in surprise, when Vipaksh is saying that when you have a high-pitch rate of GST rates,
00:04:26and now, it's lower than the name of the reform.
00:04:30When you have a high-pitch rate of GST rates, it wasn't our mind-money rate.
00:04:37It was the same as it was before GST rates.
00:04:41That's why I'm saying that,
00:04:45Vipaksh homework before GST comments,
00:04:50I'm saying that they don't have a high-pitch rate of GST rates.
00:04:59Since you're speaking about your political opponents,
00:05:02they are also saying this is eight years too late.
00:05:06The timing, as always, is being questioned.
00:05:11I don't want to extend this political retort.
00:05:20Seventy years late, this country could have had a GST even in sixties.
00:05:26That's why.
00:05:28In fact, when I was talking about GST rates in 2010, it will be rolled out.
00:05:42It was a statement made.
00:05:45I don't want to do it.
00:05:47Because no rule doesn't have a high-pitch rate on them,
00:05:50that they will be able to do it,
00:05:52they will be able to give compensation,
00:05:53they will be able to execute it properly.
00:05:55No one doesn't have a high-pitch rate on them.
00:05:58So, ten years too late, eight years too late,
00:06:01it's okay.
00:06:02You sit in opposition,
00:06:04you don't need to say anything.
00:06:05That's why.
00:06:06But, as we say,
00:06:08one thing comes in front of you,
00:06:11there are three other things.
00:06:13Tell me why you couldn't implement it.
00:06:16Seventy years,
00:06:17ten years.
00:06:19Nirmala Ji,
00:06:20I want to know the timing of timing.
00:06:26Because if we look at this year,
00:06:29in July,
00:06:30the inflation was 1.55,
00:06:33and it was at all-time low.
00:06:36In such a time,
00:06:37why is it like this?
00:06:42Inflation,
00:06:43the government tries to keep it in control.
00:06:49Sometimes,
00:06:50the government tries to keep it in control.
00:06:51Sometimes,
00:06:52because of the supply problem,
00:06:53the inflation is not in control.
00:06:55But,
00:06:56this is an indicator of the economy above.
00:07:00That's why,
00:07:02we can't take an inflation-based
00:07:07GST reform
00:07:08to take the GST reform.
00:07:09And,
00:07:10the GST reform,
00:07:11after the inflation,
00:07:13you are raising inflation,
00:07:14and then,
00:07:15perhaps,
00:07:16you will also add this,
00:07:17that,
00:07:18that,
00:07:19that,
00:07:20that,
00:07:21that,
00:07:22that,
00:07:23that,
00:07:24is,
00:07:25the group of ministers,
00:07:26a half years ago,
00:07:27that,
00:07:28it was built in5.
00:07:29And,
00:07:30that,
00:07:31the government changed it.
00:07:33That's why,
00:07:34the G.O.M. Mr. Chairman,
00:07:35the Karnataka premier,
00:07:36the Muslim chairman,
00:07:37that,
00:07:38a great group of ministers,
00:07:39took it in Bihara's Deputy Chief Minister,
00:07:41took it to one place.
00:07:42That's why,
00:07:43all the countries have changed.
00:07:44and more than 300 items
00:07:48in goods and services
00:07:51rate is low
00:07:52in one day
00:07:54and when inflation
00:07:57is gone
00:07:58so we are talking about it
00:07:59we cannot do it
00:08:01in the last year
00:08:02I saw every item
00:08:05where is the item
00:08:07why can't it be less
00:08:08why can't it be less
00:08:09why can't it be less
00:08:11if it is up
00:08:13we have gone through
00:08:14every item
00:08:15it is a time consuming exercise
00:08:18so it's not possible
00:08:21to link it with
00:08:23the inflationary indices
00:08:24since you speak about
00:08:27this in works
00:08:28for the last one and a half years
00:08:30six months ago
00:08:31when you presented the budget
00:08:33you brought in direct tax cut
00:08:36now this is
00:08:37six months later
00:08:38it's an indirect tax rebate
00:08:40which has come in ma'am
00:08:42what next is there
00:08:45lot of anticipation around it
00:08:47and then we will be opening the floor
00:08:49to questions
00:08:50and we will be travelling
00:08:51to Shweta and Mai
00:08:52home state of Bihar
00:08:53which is a pole bound state as well
00:08:54well
00:08:57this GST
00:08:58this GST
00:08:59so big change
00:09:00and change
00:09:01every thing
00:09:02in the rate
00:09:02change
00:09:03we have
00:09:04implemented it
00:09:07before we
00:09:07also
00:09:08in the industry
00:09:10and the traders
00:09:12are talking about
00:09:13that
00:09:13such much
00:09:15rate cut
00:09:16to people
00:09:18pass on
00:09:19because
00:09:21before
00:09:21many
00:09:23questions
00:09:23come
00:09:25what if
00:09:26companies
00:09:27don't pass on
00:09:30this rate
00:09:31they don't
00:09:31absorb
00:09:32some
00:09:32examples
00:09:33people
00:09:34are
00:09:35paying
00:09:35that rate
00:09:36on
00:09:37that
00:09:38we
00:09:39do
00:09:40work
00:09:41after
00:09:41twenty
00:09:42second
00:09:43after
00:09:43this
00:09:44implementation
00:09:45is
00:09:45being
00:09:46in the whole
00:09:47country
00:09:48people
00:09:48are
00:09:49getting
00:09:50benefits
00:09:51or
00:09:52not
00:09:53or
00:09:54not
00:09:55getting
00:09:55on it
00:09:55is
00:09:55a big
00:09:58job
00:09:58we
00:10:00go to
00:10:00Bihar
00:10:00from
00:10:01Rohit
00:10:02Singh
00:10:02is
00:10:02with us
00:10:03Rohit
00:10:04if you are listening to it
00:10:06we are coming to you
00:10:07but
00:10:07Nirmala
00:10:08you have a question
00:10:09that
00:10:09we have analyzed
00:10:11your
00:10:12decision
00:10:13so
00:10:13we
00:10:14focus
00:10:14on three things
00:10:15like
00:10:16roti
00:10:16clothes
00:10:17and
00:10:17mackal
00:10:17or
00:10:17three words
00:10:18we can sum up
00:10:20the GST
00:10:20right
00:10:21our focus
00:10:23common man
00:10:24middle class
00:10:25and
00:10:26their basic
00:10:27necessities
00:10:27and
00:10:28aspirational
00:10:30other
00:10:30families
00:10:31have a small
00:10:33TV
00:10:33they can't
00:10:34have a big TV
00:10:35they can't do it
00:10:36small
00:10:37and why do they have an extra camera
00:10:39or why do they have a first floor
00:10:41it is difficult to do it
00:10:43so
00:10:44because
00:10:45every item
00:10:46is
00:10:47common man
00:10:48and middle class
00:10:49is
00:10:50the major
00:10:52some items
00:10:53are 18
00:10:54this means
00:10:55that
00:10:56only 1%
00:10:57is
00:10:5840%
00:10:59that
00:11:00is
00:11:01that
00:11:02the whole people
00:11:03middle class
00:11:04poor people
00:11:05keep them
00:11:06all
00:11:07small
00:11:08small
00:11:09small
00:11:10small
00:11:11business
00:11:12how many items
00:11:13farmers
00:11:14are
00:11:15all
00:11:175
00:11:18rohit
00:11:19thank you
00:11:24thank you
00:11:25thank you
00:11:26thank you
00:11:28thank you
00:11:29thank you
00:11:30for the
00:11:31good and simple
00:11:32tax
00:11:33so
00:11:34how good
00:11:35is
00:11:36for India
00:11:38we are
00:11:39it
00:11:40we have
00:11:41for
00:11:42this
00:11:43we have
00:11:44to
00:11:46see
00:11:47that
00:11:48we have
00:11:49so
00:11:50we have
00:11:51to
00:11:52see
00:11:53what
00:11:54is
00:11:55what
00:11:56is
00:11:57what
00:11:58this
00:11:59this
00:12:00is
00:12:01Dr. Rana Singh is management and finance. What is your question for Vittmanthri Ji?
00:12:07Thank you. My name is Vittmanthri Mahodaya. My question is that we have reduced the tax lab
00:12:19So, this is the full benefit of the customers and the last mile stakeholders
00:12:26What is the monitoring and evaluation framework?
00:12:30Some of the tax has been reduced by the companies and companies
00:12:36so that customers can increase the price
00:12:38What is the monitoring and evaluation framework?
00:12:42Over to you.
00:12:43Dr. Rana Singh is the second one.
00:12:48Dr. Rana Singh, what is your question for Vittmanthri?
00:12:50Hello, my name is Vittmanthri Mahodaya.
00:12:54I am the first one who has changed the tax lab in the GST for the tax lab
00:13:00So, my question is that the GST for the tax lab
00:13:06has been reduced by the tax lab
00:13:16So, in such a state, Vittmanthri Mahodaya, where the GST and the SGST of the tax
00:13:23has been reduced by the tax lab
00:13:26So, there is no need for the tax lab
00:13:29This is why you have thought of it
00:13:32Because Vittmanthri Mahodaya, which is the request of Vittmanthri Mahodaya
00:13:35how we should start the tax lab
00:13:38For the tax lab, that is the court
00:13:40Thank you for the tax lab
00:13:41Hello, Madam Finance Minister.
00:13:44In the education institution and private institution,
00:13:47there is 18% of GST's debt.
00:13:49However, children who are taking admission,
00:13:52they belong to the middle class.
00:13:54Why not this debt to zero percent,
00:13:56so that the children of every time
00:13:58can help this education easily?
00:14:00What is your view?
00:14:02Shweta, what changed from GST's first litmus test,
00:14:07which is a test in Bihar,
00:14:09because in Bihar, there are two months after this.
00:14:11Shweta.
00:14:12Yes, absolutely.
00:14:14If you ask them all questions.
00:14:17First, because Bihar and Bihar
00:14:22are raised in front of Bihar,
00:14:26before you and before Dīpāvali,
00:14:32as well as Maniya Pradhan Mantri Ji
00:14:34has been raised from Red Fort,
00:14:36so this double-dumākā Bihar
00:14:41is getting the whole country.
00:14:48And there are three questions,
00:14:53but I want to start with education.
00:14:56because a mahi-la chhatra
00:14:59asked that question.
00:15:01Education institutions
00:15:03is not a big rate on education, madam.
00:15:05No rate actually is not a big rate.
00:15:08More than anything,
00:15:09everything is down.
00:15:10But what you are taking,
00:15:13you think,
00:15:15that of course,
00:15:16education is running
00:15:17under business.
00:15:21But schools or colleges,
00:15:24government or private,
00:15:27jahaan education chal rie,
00:15:29uske oopar koi,
00:15:31humne tax bada naye,
00:15:33ulta reduce hi kya hai.
00:15:37Magar commercial institutions,
00:15:41jahaan extra coaching
00:15:44or jahaan extra training ke nate kuch chal rie,
00:15:49uske o educational institutions ke category me nahi lagaya ja raha hai.
00:15:54Isi liye hi rate me difference.
00:15:58So the coaching institutions and others
00:16:01are not treated as education institutions.
00:16:05We don't,
00:16:06whether private or public,
00:16:07we don't charge on schools and institutions like that.
00:16:12The other question which related to,
00:16:17will the rates be actually reaching the people?
00:16:22Janata ko is rahat,
00:16:24jo tax ka katouti se mil raha hai,
00:16:27wo sachmuch milega ki nahi.
00:16:30Bihaar se connect honne se pehle,
00:16:32mein yehi baat ko idar zikar kar rahe thi.
00:16:35Mera aur department ka,
00:16:37aur CBIC board ka,
00:16:39indirect taxation ka board ka.
00:16:41Main concern,
00:16:44is ko monitor karke corrective action lehne me hi jayega.
00:16:48Mein maanthi hou aagle ek aad mahinah.
00:16:51Hum,
00:16:52September 22nd ke liye intazaar nahi kar rahehen.
00:16:56Magar industry logon se baat kar rahehen.
00:16:59Insurance company se baat kar rahehen.
00:17:02Medical equipments sale karne waale se baat kar rahehen.
00:17:05Manufacturer se baat kar rahehen.
00:17:07Ki sachmuch ye rate reduction.
00:17:11Jahaan GST council mein har rajik vittmantri baehtte hain.
00:17:15Aur manzoori diya is ko.
00:17:17Sachmuch janata tak pounchna chahiye.
00:17:20Iske oopar hum har ek se baat kar rahehen.
00:17:23Aur aaj ka merah assessment.
00:17:27Ek bhi eise industry leader nahi teh,
00:17:30joh sangkoch ke bhaavna se baat ki.
00:17:34Sab poore tara judh rahehen.
00:17:38To implement it in its true spirit.
00:17:43So transfer ho ga, pass on ho ga.
00:17:46Yehi hai merah aaj ka.
00:17:49Very confident message.
00:17:51Ham monitor kareenge.
00:17:53Magar industry nahi ashwasan dila hai.
00:17:56Ki they will pass it on.
00:17:58Haap sab ashore rah sakte hain.
00:18:01Mai oopar se ye bhi is me jodhna chahi ho.
00:18:05Har member of parliament joh mujhe phone mein baat ki.
00:18:09Or aakar mili.
00:18:11JST council ke nirnay ke baad.
00:18:13Woh sab bool rahehen ki.
00:18:15Hamare shetra mein.
00:18:17Ham monitor kareenge.
00:18:18Agar jenta aakar hume ek shikaayat dhe.
00:18:21Ki nahi, rate pass on nahi huwa.
00:18:24Ham turant uske oopar action lenge.
00:18:26Or finance ministry ko contact kareenge.
00:18:29Kyi nahi yase ho ra.
00:18:31Aaj jagrutta is vishay mein yitna hai.
00:18:35Ki members of parliament aakar badai dene se pehle.
00:18:38Yeh pehle boole.
00:18:39Or may actually I'm very happy.
00:18:41Kyunki woh janata ke awaz ko sun kar.
00:18:44Karrekshan agar karna hai to karna hi chahiye.
00:18:47Unse hume kuchh janakari milne me.
00:18:50May bhi idhar se action lho ngay.
00:18:52Ismein light leneka koji gunja ishi nahi ha.
00:18:56Achcha social media peh kisi nahi kataksh karte huwe likhha hai ki.
00:18:59Bihaar ko chunaavi fayda ki baad peh.
00:19:02Ki vaha toh gutka tam baku ka dam bada diya gaya hai.
00:19:05Kiya hi kiya hi fayda ho ga.
00:19:07Lekin apne special package wali baad peh.
00:19:09Ek joe ek sawaal tha.
00:19:12Ki bihaar ko madad.
00:19:13Madad joe revenue loss ho ga.
00:19:15States ko usko kiise compensate.
00:19:17Bihaar consuming state hai.
00:19:20Or consumption.
00:19:23Jitna bhi hooga.
00:19:25Is katauti ke baad.
00:19:27Mai bhot umeed rakhri yu.
00:19:29Is Navratri ke pehle din se hi.
00:19:33Jenta apne.
00:19:35Maan li jiye ek sao rupiah se kuchh chiz pichle baar kari de.
00:19:39Abhi ushi ek sao rupiah ke saath.
00:19:42Do chiz karich sakte hain.
00:19:44Ushi item ko.
00:19:46Isi liye consumption badhe gi.
00:19:49Uske karan ai bhi badhe gi.
00:19:52So bihaar jyaise consumption based rajiyon ko is katauti or reformed GST ke saath benefit milega.
00:20:01Yeh humare calculation hai.
00:20:03Ma'am five years ago you travelled to Patna for unveiling of Bihar manifesto of your party.
00:20:11Is this a manifesto also for Bihar?
00:20:13Bhajpa ka manifesto hai.
00:20:15It's a manifesto for the 140 billion people who've been waiting for it.
00:20:19I remember the days.
00:20:21I'm sure media mein bauch sarai mera dost loog hain.
00:20:24Kahi chai ke chai peene ke samme bolte te.
00:20:28Aapko to pitai hoori hai JST ke karan.
00:20:31Sympati de rahe te ya criticise kar rahe te mujhe malam nahi hai.
00:20:34Magar chai peete peete ye baat bhi bolte te.
00:20:37Kataaksh hoori haapka.
00:20:38Criticisim hoori haapka.
00:20:40Mai bol rahe yun abhi.
00:20:42Poore bharat ke nagrik ke liye.
00:20:45Ma'anya Pradhan Mantri ji direction mujhe.
00:20:48Red Fort se us din bola.
00:20:50Bohut achcha.
00:20:51Aat mahine pehle ek baar.
00:20:54Or budget ke aaspaas ek baar.
00:20:58So do baar Ma'anya Pradhan Mantri ji me mujhse bole.
00:21:01GST mein kuch kaam kar rahe ho ki nahi kar rahe ho.
00:21:05Please do something.
00:21:07Or jab ee poora package tayyar hua.
00:21:11Or ek baar Ma'anya Pradhan Mantri ji JST kaunsel ka nirnai hai.
00:21:14Phir bhi Ma'anya Pradhan Mantri ji se ek baar.
00:21:17Minne chota jalak ke roop mein kuch.
00:21:23Eise kar rahe hai, eise kar rahe hai.
00:21:25Vishay boli.
00:21:26Ho boli.
00:21:27Ho boli.
00:21:28Thik hai.
00:21:29Dekhte hain.
00:21:30Aap GST mein paas karva ke aao.
00:21:31So unke expectation lagataar ye ta ki janta ke ooper.
00:21:37Taqs ka bojhtu joh hai usko kut kam karo.
00:21:41Hei hain.
00:21:42Hei hain.
00:21:43Hei hain.
00:21:44Hei hain.
00:21:45Taiyar ki.
00:21:46Jaisa mei ne pehle hii bataya.
00:21:48Yeh pre GST era se yeh rate is meh aya hai.
00:21:52Or chutput chutput idar udar rate kham kar kar karne ke liye kooshish hua hai.
00:21:57Pichle punch, chae, saath saal se.
00:22:00Magar ek dam rate bhi, slabs bhi, aur system bhi.
00:22:07Is baar ekhi package ke dhora aya hai.
00:22:10But Prirna thodi se mili aapko baaki partiyon se.
00:22:13Kyunki abhi dheke congress party, Trinamool Congress, sab keha rae ki aat saal se hamne jo dabao banaya, woh aapne ja kar kiya hai.
00:22:19Yeh unka GST hai, revised rate.
00:22:22GST ko abhi won karne ke liye man bana ya na, woh ee baaki hai.
00:22:26Woh ee kaafi mujh meri liye.
00:22:28Ghabbar Singh tax bolne wale.
00:22:33Mujhe kabhi bhi ye baat samaj meh nahi aya.
00:22:39Jo party income tax mein 91% tax karte te ek zamaani mein,
00:22:49Congress party ke rule, Maniya Pradhan Mantri ji, Poorwa Pradhan Mantri ji, Indira ji ke samain, 91%,
00:22:58aap sao rupia kamao, 91 rupia unke hath mein jaanaye.
00:23:02Aise congress party, aaja karke GST ko hum hi criticize kiye, aaja karke hum hi achha banane ke liye bolye,
00:23:12aur isi liye aapne banaya, mein GST ka andar charcha ke vishay mein nahi cha rahi.
00:23:19Baar baar yaad dilana pada GST council ke andar.
00:23:24Hum sab mil karke janta ke liye achcha sandesh deen, khattauti ke liye mansoori deen,
00:23:29har raja ye baat baar baar bolna pada.
00:23:33Kiyo bolna pada?
00:23:34Mein naam nahi leh rahi hun, kisi raja ka.
00:23:37Okay, so let's travel straight to your home state now, of Tamil Nadu,
00:23:42where we have our reporter joining us.
00:23:45Please go ahead, Pramodh, ask your questions.
00:23:52Thank you so much, Maria.
00:23:53Just like you mentioned, it is our home state and the important aspect here is that
00:23:57Tamil Nadu's being a manufacturing state, it definitely has a very big positive impact over here
00:24:02and the parties are definitely welcoming it.
00:24:04in a rare occasion, even DMKs welcoming certain aspects of it
00:24:08and we also have certain guests over here who would like to take questions from you.
00:24:12First, let me go to Hardik.
00:24:14Your question, please.
00:24:18Hello, Nirmalat Sitranji. Pranam.
00:24:20I am Hardik Anladani.
00:24:22I am the managing director of Luther Industries
00:24:24and we are in the business of distribution of FMC products.
00:24:27My question to you ma'am is, as we welcome the reforms and the GST reductions,
00:24:32majority of my products have moved from 18% to 5%.
00:24:36And what happens is, as much as we get the set off from in the GST,
00:24:41a lot of amount gets accumulated in the GST portal.
00:24:45So can we have an auto refund system where it can help all of us in terms of getting the refunds
00:24:49and using it for our working capital.
00:24:52That's actually one of the propos…
00:24:55Oh, sorry.
00:24:56You are going with Mo.
00:24:58Good morning, madam.
00:25:00Congratulations on the massive rationalization of taxes for the common man.
00:25:10GST is supposed to be good and simple tax.
00:25:15But, as small traders, for the last 8 years, there have been regular and frequent changes
00:25:25which have been happening.
00:25:27The traders find it very difficult to comply.
00:25:32Though they want to comply, the procedures are very, very high.
00:25:37Just as you have rationalized the taxes, how would you…
00:25:43We expect a rationalization in compliances and filing of the forms,
00:25:49which will be very beneficial to small businessmen.
00:25:56Please go ahead, ma'am.
00:25:58Oh, there's someone…
00:26:02Madam Finance Minister, first of all, congratulations to Bajpa
00:26:06for easing out the GST reforms in such a massive way.
00:26:10This is Sumit Kedia, Charter accountant from Chennai.
00:26:13Ma'am, despite GST being a historic reform,
00:26:16two of the major expectations like bringing petrol, diesel under GST
00:26:21and also restoring input tax credit for real estate and builders is still unanswered.
00:26:27So, what is the government's roadmap to bring input tax credit for builders
00:26:31and also bringing petrol and diesel under GST?
00:26:35Thank you, ma'am.
00:26:38Thank you so much.
00:26:40These are the questions.
00:26:42Ramoth, with that, it's back to the studio, I guess.
00:26:44Yes, please go ahead, ma'am.
00:26:46I'll… like before, I'll start with the last question first.
00:26:50Petrol and diesel are not under consideration in this proposal
00:26:57which the central government has placed before the GST council.
00:27:01It is entirely with the states.
00:27:03Although, as you know, even at the time of introduction,
00:27:08we had made a legal provision in the GST laws
00:27:12that as and when the states find it appropriate,
00:27:15once they determine the rate,
00:27:17without any additional changes to the constitution
00:27:20or to the GST-concerned laws,
00:27:23we'll be able to implement on the petrol and diesel.
00:27:26But that is something which the GST council has to take a call on
00:27:29and our proposal does not include it at all.
00:27:33As regards the real estate,
00:27:37it is actually the input tax credit being denied
00:27:40was as a result of the request from the…
00:27:44not now, not earlier, not one year ago,
00:27:47but some time ago also.
00:27:50It is on their request that the input tax credit
00:27:54was not being given to avail.
00:27:57That is one.
00:27:59I'm losing track of the two other questions.
00:28:02The first one started with the FMCG…
00:28:08That's right.
00:28:09Yeah.
00:28:10As to how the tax cut will be…
00:28:13Yeah, how will they pass it on
00:28:14if they already have things on their shelves?
00:28:17There is some kind of a transitory arrangement
00:28:19that we are working on.
00:28:20The CBIC will come up with a clarification on it
00:28:23and the information will be put out in the portal
00:28:27on the transitional arrangement.
00:28:29So, that should address your concerns.
00:28:32Automobile…
00:28:34Automobile would tax
00:28:36would be reduced in the 20th century
00:28:38but the input would block the business.
00:28:43So, that would allow…
00:28:44There is no problem.
00:28:45There is no problem.
00:28:46There is no problem.
00:28:47There is no problem.
00:28:48There is no problem.
00:28:49There is no problem.
00:28:50There is no problem.
00:28:51Input…
00:28:52The question that he asked is about automobiles
00:28:56where input tax credit is being denied or blocked.
00:29:01So, it is a particular situation that he is raising question about.
00:29:07There is no problem.
00:29:08So, of course, he asked him,
00:29:09You have a friend of Tamil and,
00:29:10Of course, you will be Tamil.
00:29:11You are a friend of Tamil.
00:29:12You have a friend of Tamil.
00:29:13There is no problem.
00:29:14I do think he heard you.
00:29:16What is the reason he said that?
00:29:18I am in Rajasthan in India.
00:29:19But, you have a friend of Tamil and Tamil.
00:29:21I am very blessed.
00:29:22So, how do you ask the Tamil people?
00:29:23You have a friend of Tamil.
00:29:24He is a friend of Tamil.
00:29:25He is a friend of Tamil.
00:29:26I am very happy.
00:29:27I have no one problem.
00:29:28His accent is the way he's speaking.
00:29:31The choice of words.
00:29:36He's saying,
00:29:39He's saying,
00:29:47It's pashed.
00:29:47Please raise your hand.
00:30:03Yes.
00:30:17Good afternoon, ma'am.
00:30:20Ma'am, as we have seen,
00:30:22the Indian government has
00:30:23came from four GST slabs
00:30:26to the two GST slabs now.
00:30:28Is the Indian government
00:30:30trying to go on the one GST slab
00:30:32which comes with one nation,
00:30:34one GST?
00:30:37Not now.
00:30:40Maybe sometime much later.
00:30:42Let us say,
00:30:43I'm not fixing a time.
00:30:45Once we achieve a level of development,
00:30:49see, why is there a need
00:30:51for more than one rate?
00:30:53If you try to understand that,
00:30:55you will be able to get
00:30:55an answer for yourself.
00:30:56Please sit down.
00:30:58With the level of development
00:31:00that we have in India
00:31:01which is not uniform
00:31:02across the country,
00:31:03some parts are more developed,
00:31:05some are less developed,
00:31:07and therefore the people
00:31:08living in these different areas
00:31:09of development
00:31:10cannot treat an object
00:31:13the same as some other area
00:31:14does.
00:31:15And, in other words,
00:31:18developed area
00:31:19can afford to buy goods
00:31:20with a little higher tax.
00:31:23I'll repeat
00:31:24one example
00:31:25which the previous
00:31:27finance minister
00:31:29who introduced the GST
00:31:31and my mentor,
00:31:31I would say,
00:31:33Shri Arun Jaitliji,
00:31:34had taken this example
00:31:36of can a Benz car
00:31:42and a Hawaii chapel
00:31:45be treated the same way
00:31:47and have one tax?
00:31:49Cannot.
00:31:50The person who is buying
00:31:51Hawaii chapel
00:31:52is still in a level
00:31:54of development
00:31:54where he can't afford
00:31:56to pay for his chapel
00:31:57a higher rate of tax.
00:31:59Whereas a person
00:31:59who buys a Benz car,
00:32:01buying the Benz car,
00:32:04he'll be in a position
00:32:05to give a bit more.
00:32:07So for Benz car
00:32:08and chapel,
00:32:09if you have the same rate,
00:32:11foreign India
00:32:12as it stands today
00:32:14will be unjust.
00:32:16And that is why
00:32:17there is no one rate,
00:32:19one GST.
00:32:20Maybe sometime
00:32:21in the future
00:32:21when India is
00:32:22a lot more developed
00:32:24and the development
00:32:25is across the country,
00:32:26it is possible.
00:32:29Ma'am insurance
00:32:29ko lekar nirnay
00:32:30achcha hai,
00:32:31lekin
00:32:31ek dar loogon ke man mein hai
00:32:33ki joh benefit
00:32:35aap dee rha hai,
00:32:36kya woh consumer ko
00:32:36pass on karengi
00:32:37hai company ya?
00:32:39Genuine question hai,
00:32:40genuine worry bhi hai,
00:32:42magar mein
00:32:42shuruwaat mein hi
00:32:44kai dhun
00:32:44ki public sector
00:32:46insurance company
00:32:48sab
00:32:49saamne ho karke
00:32:50bole
00:32:50ki hum
00:32:51pass on
00:32:52karengi
00:32:53aur private sector
00:32:55se hum baat bhi
00:32:56kar rahe hai ki
00:32:57jab
00:32:58ek insurance
00:32:59abhi toh market
00:33:00open hai,
00:33:00public sector
00:33:01ke liye
00:33:01koji kuch
00:33:02privilege nai hai
00:33:02hai,
00:33:03private sector
00:33:03ka koji
00:33:04unik
00:33:05taklif hi
00:33:05bhi nai hai
00:33:06so agar
00:33:07dhun ho market
00:33:08me open
00:33:09competition
00:33:09ke tehat
00:33:10ja karke
00:33:11insurance
00:33:11aur
00:33:12janta
00:33:12ke bich
00:33:13mein lekhe
00:33:13ja raha
00:33:14hai,
00:33:14public sector
00:33:15jab kar raha
00:33:15hai,
00:33:15aap bhi karo
00:33:16aur
00:33:17wiesse bhi
00:33:18karo
00:33:18kyunki
00:33:19tax
00:33:20janta
00:33:20ke liye
00:33:21hai
00:33:21aur
00:33:21company
00:33:22ke liye
00:33:22nahi
00:33:23diya
00:33:23gaya
00:33:23insurance
00:33:24ke upar
00:33:25unke premium
00:33:26ke upar
00:33:27tax
00:33:27na ho
00:33:28yehi hai
00:33:28irada
00:33:30uske
00:33:32khilaav
00:33:32agar
00:33:33company
00:33:33kuch
00:33:33karenge
00:33:34hum
00:33:34zarur
00:33:35unse
00:33:35baat
00:33:35karke
00:33:36usko
00:33:36sahih
00:33:37karenge
00:33:38okay,
00:33:38let's take
00:33:39one more
00:33:39question
00:33:39from that
00:33:40side
00:33:40yes
00:33:40namaste
00:33:43respected
00:33:44finance
00:33:44mr.
00:33:45madam
00:33:45my question
00:33:46to you
00:33:47is
00:33:47how will
00:33:47the government
00:33:48manage
00:33:48the expected
00:33:49revenue
00:33:50shortfall
00:33:50caused
00:33:50by lower
00:33:51GST
00:33:51collections
00:33:52which is
00:33:52estimated
00:33:53right now
00:33:53more than
00:33:5440,000
00:33:54crores
00:33:54yes
00:33:57you're right
00:33:57you've been
00:33:58closely watching
00:33:59what has been
00:33:59said in the
00:34:00counts
00:34:01we did
00:34:01put that
00:34:02number
00:34:02before all
00:34:03the members
00:34:03of the
00:34:04council
00:34:04we are
00:34:05roughly
00:34:06estimating
00:34:07it at
00:34:0740,000
00:34:08approximately
00:34:09but
00:34:10we strongly
00:34:12believe
00:34:12that the
00:34:13reduction
00:34:14in the
00:34:14rate
00:34:14and that
00:34:15too
00:34:15for common
00:34:16people
00:34:17daily use
00:34:18items
00:34:19will
00:34:20bring in
00:34:21a certain
00:34:21buoyancy
00:34:22see
00:34:22data
00:34:23never
00:34:24is
00:34:24static
00:34:24we use
00:34:25a certain
00:34:26data
00:34:26of let's
00:34:27say
00:34:2723
00:34:2724
00:34:28to talk
00:34:29about
00:34:29estimates
00:34:30to talk
00:34:30about
00:34:30a certain
00:34:31level
00:34:31of
00:34:32income
00:34:33the
00:34:35buoyancy
00:34:35be
00:34:35determined
00:34:36and so
00:34:36on
00:34:36actually
00:34:38in the
00:34:39ground
00:34:39it's a
00:34:39very
00:34:40dynamic
00:34:40situation
00:34:41rate
00:34:41come
00:34:42ho
00:34:42gaya
00:34:42jenta
00:34:43bahara
00:34:44kare
00:34:45kare
00:34:45dene
00:34:45ke
00:34:45li
00:34:45a
00:34:45enge
00:34:46us
00:34:46samay
00:34:46jo
00:34:47dynanism
00:34:47dynanism
00:34:48prevail
00:34:49hota
00:34:49hai
00:34:49us
00:34:50say
00:34:50revenue
00:34:50generation
00:34:51b
00:34:51will be
00:34:53more
00:34:54than
00:34:54what
00:34:55you
00:34:55see
00:34:56with
00:34:56a
00:34:56model
00:34:57that
00:34:57you
00:34:57can
00:34:58base
00:34:58on
00:34:59given
00:35:00data
00:35:00so
00:35:01because
00:35:02it
00:35:02is
00:35:02across
00:35:03the
00:35:03board
00:35:03ek
00:35:04item
00:35:04ke
00:35:04upar
00:35:05kut
00:35:05kia
00:35:05to
00:35:06ek
00:35:06section
00:35:07hi
00:35:07us
00:35:07kari
00:35:08denge
00:35:08ham
00:35:10to
00:35:10poore
00:35:11ke
00:35:11poore
00:35:11daily
00:35:12use
00:35:12item
00:35:13aspirational
00:35:14item
00:35:14middle
00:35:15class
00:35:15item
00:35:16agricultural
00:35:17item
00:35:18msme
00:35:19items
00:35:19automobiles
00:35:21sab
00:35:22ka
00:35:22kutavoti
00:35:23kia
00:35:24hai
00:35:24isi liye
00:35:25main
00:35:25manti
00:35:26hoon
00:35:26ki
00:35:26boynsi
00:35:27jaldi
00:35:27se
00:35:27jaldi
00:35:28wapas
00:35:29aega
00:35:30ya
00:35:30zada
00:35:31bhi
00:35:31hooga
00:35:32jis
00:35:33se
00:35:33we'll
00:35:33be
00:35:33able
00:35:33to
00:35:33overcome
00:35:34this
00:35:35up
00:35:35our
00:35:36business
00:35:36today
00:35:36ki
00:35:37team
00:35:37bhi
00:35:37ma'am
00:35:40finance
00:35:41minister
00:35:41one
00:35:42of
00:35:42the
00:35:42key
00:35:42things
00:35:42of
00:35:43this
00:35:43decision
00:35:44is
00:35:44that
00:35:44disputes
00:35:45of
00:35:46classification
00:35:46whether
00:35:47it
00:35:47is
00:35:47papad
00:35:48paratha
00:35:49pizza
00:35:50or
00:35:50popcorn
00:35:50and popcorn
00:35:51has grabbed
00:35:52headlines
00:35:52for many
00:35:52years
00:35:53they have
00:35:53been
00:35:54done
00:35:54away
00:35:54with
00:35:54the
00:35:54larger
00:35:55question
00:35:55here
00:35:55is
00:35:56what
00:35:57is
00:35:57the
00:35:57strategy
00:35:57behind
00:35:58the
00:35:58rate
00:35:59reduction
00:36:00for
00:36:01food
00:36:02items
00:36:02and
00:36:03the
00:36:03second
00:36:03thing
00:36:04that
00:36:04I
00:36:04want
00:36:04to
00:36:04attach
00:36:06to
00:36:06this
00:36:07is
00:36:07that
00:36:07do
00:36:08you
00:36:08expect
00:36:09all
00:36:09these
00:36:09classification
00:36:10disputes
00:36:11to
00:36:12end
00:36:12as
00:36:13a
00:36:13consequence
00:36:13of
00:36:14these
00:36:15decisions
00:36:15that
00:36:15have
00:36:16been
00:36:16taken
00:36:16by
00:36:16the
00:36:16council
00:36:16yes
00:36:18this
00:36:19classification
00:36:19issue
00:36:20which
00:36:21is
00:36:21not
00:36:22so
00:36:22GST
00:36:22I
00:36:24want to
00:36:24talk
00:36:24about
00:36:25them
00:36:25I
00:36:26want to
00:36:27talk
00:36:28about
00:36:28a
00:36:29incident
00:36:29press conference
00:36:30I have to take it here because of it.
00:36:35Popcorn, if it is a bad price,
00:36:40if it is with chocolate and sugar,
00:36:44if it is with chocolate and sugar,
00:36:46if it is with another rate.
00:36:49It has been very limited in Uttar Pradesh,
00:36:52because those who have popcorn with chocolate and sugar
00:36:57also have a little bit of popcorn.
00:37:02It has been a little bit of tax.
00:37:05Because of that, many of the courts have been issued.
00:37:09And the classification,
00:37:11because of that and of that,
00:37:15the courts have been issued for many years.
00:37:20And the U.P. government also asked us,
00:37:23why do we not give clarification?
00:37:26How do we deal with it?
00:37:27Because if we go and ask for popcorn,
00:37:30they feel like we are a little bit of popcorn,
00:37:32and we are asking for it,
00:37:34and we are trying to do it.
00:37:35That's why, at that time,
00:37:36we came to the court.
00:37:37And,
00:37:38while giving it to the court,
00:37:40people asked me,
00:37:42why are you talking about the finance minister,
00:37:43why are you talking about popcorn?
00:37:45But,
00:37:46this is a technical issue.
00:37:47In the council,
00:37:48there was a responsibility of the court.
00:37:49And,
00:37:50what happened in the court,
00:37:51it was a customary practice in the media.
00:37:56Okay,
00:37:57let's leave it.
00:37:58But,
00:37:59because of classification,
00:38:00there is a problem.
00:38:02And,
00:38:03we have,
00:38:04this time,
00:38:05we have,
00:38:06this time,
00:38:07our proposal,
00:38:08that,
00:38:09the food,
00:38:10whether it is with sugar,
00:38:12or whether it is impossible,
00:38:14it is impossible,
00:38:15all of these are the 5% rate.
00:38:20There is only one exception,
00:38:23high sugar,
00:38:24power drinks,
00:38:26and other beverages are different.
00:38:28But,
00:38:29in the day,
00:38:30there is no confusion with classification.
00:38:35That is why,
00:38:36this time,
00:38:37it is a solution for classification.
00:38:39Let's go straight to Gujarat now,
00:38:42where Brijesh Doshi is joining us,
00:38:44with some citizens.
00:38:45Brijesh,
00:38:46over to you.
00:39:09Madam,
00:39:10first of all,
00:39:11congratulate our Honorable Prime Minister,
00:39:13and yourself,
00:39:14for making,
00:39:15GST,
00:39:16really good tax,
00:39:17for us.
00:39:18Now,
00:39:19main issue is,
00:39:20the,
00:39:21ITC credit,
00:39:22should be permitted,
00:39:23in all cases.
00:39:24Particularly,
00:39:25in industry,
00:39:26when the small,
00:39:28MSMEs are making,
00:39:29building,
00:39:30suppose,
00:39:3110 crores,
00:39:3218% GST,
00:39:33it comes to 1.8 crores,
00:39:35and that,
00:39:36ITC is not permitted.
00:39:37So,
00:39:38for MSME development,
00:39:39I think,
00:39:40this is very much needed,
00:39:41that,
00:39:42building,
00:39:43construction,
00:39:44ITC,
00:39:45should be permitted.
00:39:46Secondly,
00:39:47trade,
00:39:48and small dealers,
00:39:49I would request,
00:39:50that composition,
00:39:51turnover limit,
00:39:52is 1.5 CR.
00:39:54Looking to the inflation,
00:39:55and passing of the time,
00:39:56it should be increased also.
00:39:58And thirdly,
00:39:59madam,
00:40:00the ITC credit,
00:40:01should be automated,
00:40:02instead of going,
00:40:03to the authorities,
00:40:04and get the ITC,
00:40:05I think,
00:40:06it should be automated mode,
00:40:07which,
00:40:08in the case of,
00:40:09income tax,
00:40:10is already being done then.
00:40:12Another question is,
00:40:14here,
00:40:15traders,
00:40:16associations,
00:40:17they have to talk about it.
00:40:19Hello, madam.
00:40:21First of all,
00:40:22we are all consumers,
00:40:24so,
00:40:25i answer because,
00:40:26you know how the consumers,
00:40:27by the way,
00:40:28the consumers,
00:40:29in other words,
00:40:30who will be small in them,
00:40:31each of you,
00:40:32and high up to you,
00:40:34people from the world,
00:40:36the consumers who will give a better,
00:40:38for all ages,
00:40:39all the countries.
00:40:40All the countries,
00:40:41they have made theBoth and the countries,
00:40:42the US market,
00:40:43which we're going to solve,
00:40:44for all the countries.
00:40:45And then,
00:40:46there is,
00:40:47all the countries,
00:40:48that the countries,
00:40:49have been,
00:40:51the wow of the countries of this country.
00:40:53As I said,
00:40:54So, congratulations to all of you, and the other thing is, we need to go to our sales
00:41:06level.
00:41:07The threshold limit was in 2017, and then in 2019, it needs to be reviewed.
00:41:1720,000,000,000,000 and 40,000,000,000,000,000,000,000,000,000.
00:41:21And your of these budget, because you have a network, and our GST meant that no transaction
00:41:28is no tax額 without your government.
00:41:30So, it should not be there, but now this is a position.
00:41:36So, you can raise that particular 20,000,000,000 limit to minimum 1,5 to 2,000,000,000.
00:41:41Then the small steps are off.
00:41:43So, we want to be budget that the government will come up with the ITC margin.
00:41:48ITC because of it, so this is a limit set in which tax evasion will also be saved.
00:41:545 crore to get out of 5 crore, and in the last stage, you will take the tax law first.
00:42:00In this way, there is a question.
00:42:02We have a small question, but we have been kept in front of it.
00:42:06Nirmala.
00:42:07The first question and this question are common points that the ceiling for composition should
00:42:19be increased.
00:42:20I take that as a suggestion.
00:42:22Let's see what we can do about it.
00:42:24The second question is that the input tax credit, the lack of availability of input tax credit
00:42:38and also the money getting locked up issue.
00:42:41We have addressed it in this proposal.
00:42:46But if something else has been saved, I am willing to take it up later.
00:42:52I remember when it came, I was in Surat, I was in Surat, I was in Surat.
00:43:00And they were very curious about how to understand.
00:43:03Is it changing for new ideas?
00:43:07It is necessary to learn new ideas.
00:43:09There is a little doubt about it.
00:43:12There is no need to learn new ideas.
00:43:15But there are no benefits for them.
00:43:18Automated refunds.
00:43:19There is no need to be in the form.
00:43:21There is no need to be in the form.
00:43:23That is why there is a provision for automated refunds.
00:43:27And if you are going to do it in the first time, within three days, for sure, you will be registered.
00:43:36There are many steps that are taken from the small business to register their business.
00:43:46Then, to take a refund or to talk about the input tax.
00:43:50Or to make the form of every month, to make the worker payment.
00:43:54All these are being held in the first place.
00:43:57just a quick follow-up question
00:44:03some of the states did grumble about the
00:44:07fact that they would have to shell out money as well
00:44:10one of the suggestions was that instead of having
00:44:135% increase that to about 6%
00:44:16and therefore make up the revenue, was there any thought of that
00:44:19because that could then move towards the one nation
00:44:22one GST kind of tax system, was there any thought of that
00:44:26and what is your comments on states complaining that they are going to lose out
00:44:29some of that revenue?
00:44:31On the 5 going to 6, no, there wasn't much of a discussion
00:44:34in fact there wasn't any discussion at all
00:44:36but as regards states feeling that they may lose out
00:44:42because revenue loss will happen
00:44:43it's not actually revenue loss and I was happy that the revenue secretary
00:44:47spoke about it, there is an impact
00:44:50but the buoyancy will return and the money will be earned
00:44:53by the states
00:44:54there were some states which voiced
00:45:00about 5-6 of them voiced it very strongly
00:45:02saying what happens when states revenues come down
00:45:07will the centre make up for it
00:45:09or will the GST system itself
00:45:12bring back some kind of a compensation
00:45:14cess for it
00:45:15the compensation cess by act cannot continue
00:45:18it had already been stretched
00:45:20because during Covid we had borrowed money to pay compensation
00:45:24and because that was also compensation
00:45:26the cess was used to repay the borrowed money
00:45:29so with that, that is over
00:45:31but any kind of pay me because my revenue is coming down principle
00:45:37will mean that we are going to tax more on some items
00:45:43whatever be there, demerit goods or whatever
00:45:45if you have to put more tax, it means the next generation reform that we are bringing in
00:45:51will lose the core objective
00:45:53the core objective is reduce the tax
00:45:57bring the burden on the people down
00:45:59automatically the market and also the way in which the supply and demand will adjust to it
00:46:06will be in favour of a growing economy
00:46:09now if that is the only way we have
00:46:13and if that is the only way we have
00:46:15it defeats the purpose of the next generation reform
00:46:18so it cannot happen
00:46:19and if the states are talking about
00:46:21centre to state relationship
00:46:24federal structure
00:46:26state's fiscal health
00:46:28they are not subject to GST
00:46:31GST subject is indirect taxation
00:46:35and that too on daily use items
00:46:38and the revenue earned by that
00:46:40the sharing of that revenue
00:46:42and so on
00:46:43there is
00:46:45beyond the GST council's
00:46:48remit
00:46:49if there are issues being raised
00:46:51that is not the forum to discuss
00:46:53okay so
00:46:54yes Abha
00:46:55hi
00:46:56ma'am Abha Bakaya from business today
00:46:58the estimated impact of the entire tariff conundrum was about 0.5% of GDP
00:47:04and estimates currently given the whole boost to household consumption
00:47:07are that this will have about a half a percent
00:47:10a little bit up and down impact on GDP in a positive manner
00:47:13so the timing of the move could we say was possibly also to mitigate the impact
00:47:19both on sentiment as well as on real returns when it comes to what we are anticipating from the tariffs
00:47:24that may have been unintended
00:47:27but no we didn't start the exercise with that
00:47:30because I am reading a lot of reports about how 60 BPS will go up and so on
00:47:35no but the reform of GST
00:47:38ideally even from the fifth year we wanted to do something
00:47:42COVID and other things and the economy reviving
00:47:45we couldn't take up the matter at that time
00:47:47eight years is good enough reason for us to have learnt enough lesson to correct it
00:47:52that is the one and only prime objective
00:47:58and of course the objective is also to make sure that if there is a room
00:48:03fiscal room we wanted to reduce the burden
00:48:06so it is rate rationalisation slab and ease of doing business system correction which is a reform step
00:48:18so those were the intent
00:48:19neither the tariff nor the GDP growth concerns
00:48:23they were not in our intent
00:48:25ma'am maybe unintended but it will certainly cushion the economy
00:48:29of course it will give great impetus to the economy there is no doubt
00:48:32but we didn't start with that is what I am explaining
00:48:35so
00:48:36Dishki Arthik Rajdhani ki taraf chalte hain
00:48:38hum chalte hain Mumbai ki taraf
00:48:40Mumbai se vidya hamare saath hain
00:48:41vidya ke saath jo log honga vidya hain
00:48:43samaj sakte hain
00:48:45ki sabke man mein mein koine no koine prashan wahan per zarur hooga
00:48:48leken agar aap chand logon se unko kahe ki aap Mumbai ki aawaz ban kar poochhe hain
00:48:52aapne prashan
00:48:53please
00:48:54jih bilkul shweta is waqt hain wahan hain jaha se sab se zahada taxes milte hain
00:48:59sarkar ko aie
00:49:00indian merchant chamber se hamare saath mehta ji aap sir aapka sawaal brief me poochhe ga
00:49:06pranam vitramantri ji on behalf of our industry members and IMC i want to congratulate you and honorable prime minister for bringing cheers to 140 people barthia
00:49:21saare states se gum ke idara ane ka advantage ye hai ki jo humare man mein sawaal tha
00:49:28wo sare sawaal poochhe ga hai or uske uttar bhi mil ga hai leken on the risk of repeating
00:49:33i would like to ask that in case of state revenue which will be affected by this reduction of slabs
00:49:42how what is the mechanism you have assurance given to the gst council that that will be compensated thank you
00:49:50yes i think biggest component in this is msmes in gst ecosystem so i think is there a mechanism
00:50:03where you will give them faster input test credit and other reforms so that their burden is burden will come down in the coming days
00:50:15you know shweta dates from these 2 questions but i would like to ask one more question
00:50:18you would like to ask questions from mahiluxes related questions from mahiluxes
00:50:21My name is Dr. Dhanishvri Hardas and I am a leader of the Maharashtra Chamber of Commerce, Industry and Agriculture of Agriculture.
00:50:30My question is about the Maharashtra Chamber of Commerce, Industry and Agriculture.
00:50:34My question is about the Maharashtra Chamber of Commerce and Agriculture.
00:50:39Because, due to this, there was a lot of relief in the Vyapar area.
00:50:44And there were a lot of opportunities.
00:50:47My question is about the Maharashtra Chamber of Commerce.
00:50:50So, how do you say that the Maharashtra Chamber of Commerce?
00:50:53I have already told you about FMCG or the Food Industry.
00:51:00But for some Maharashtra Chamber of Commerce, do you have any existing credit funds?
00:51:07Another important thing is that the Maharashtra Chamber of Commerce has reduced tax on the rural areas.
00:51:14Like you have reduced tax on fertilizers, or a small machinery.
00:51:16So, how can it be a rural empowerment?
00:51:18And the last thing I want to say is that the Maharashtra Chamber of Commerce has given the Nara.
00:51:24So, we always write Made in India.
00:51:27So, if it is Maharashtra, why not Made by Women in India?
00:51:33That's a good pitch, ma'am.
00:51:35Yes.
00:51:36Ma'am.
00:51:37Incentive for Mahila, and some recognition and empowerment, all these are due to the government's policies.
00:51:48That's why I have put a category in the stand-up for Mahila.
00:51:52There is a 50% of Mahila.
00:51:56And for women's business entrepreneurs, there are some schemes that have come.
00:52:01There is also a scheme that has come.
00:52:02And for the drone, for the drone, for the lakpati, these are all the rural women's empowerment.
00:52:09It is also a government's scheme.
00:52:11But in the taxation regime, in the indirect taxation regime, it will be too difficult to establish.
00:52:19Mahila will make soap, or Mahila will make saree.
00:52:22That's why they are all the great tax system.
00:52:26It is not workable in the system, ma'am.
00:52:27In the schemes, Mahila empowerment and treatment to give greater assistance and credit reaching out can be done.
00:52:39I am glad you spoke, and I am glad you voiced your concern.
00:52:42I also appreciate you being the woman representative of your association dealing with women businesses.
00:52:51I will tell you, the most brickbats, the stories, who come to listen to the truth,
00:52:59How do you feel today that all these people are saying that you have been very proud of?
00:53:04Everyone is waiting for us to be that we are all waiting for the truth.
00:53:11I am a bit of a philosophical approach, which has grown in me.
00:53:18grown in me, I cannot take credit for it.
00:53:22I take it as it comes.
00:53:36So good when praise comes, when criticisms come,
00:53:40I have to work more.
00:53:42So that's how I take it.
00:53:43Let's see, what are you thinking about Bengaluru?
00:53:47We are connecting seven states.
00:53:49We are going to go to Karnataka.
00:53:52What is going to say about Bengaluru?
00:53:56Because when we think about Bengaluru,
00:53:59the government of the world is looking at all of them.
00:54:08Namaskar, Finance Minister Ma'am.
00:54:09This is the state that you represent,
00:54:11and I'm coming to you from the Christ University as well.
00:54:14The students here who are having economic background,
00:54:17economics background would want to take questions to you.
00:54:20Let me ask the student, one of the students to take the question.
00:54:23Keep it crisp and short to the Finance Minister, please.
00:54:29I'm Yash, and first of all, I'd like to congratulate you
00:54:34being part of this alumni group of over 1,100 chartered accountants.
00:54:38We greatly welcome whatever taxation and economic reforms you've brought in
00:54:42with the income tax as well as now with the indirect tax reforms.
00:54:47In connection with the same, I would want to ask you that GST 1 was about
00:54:51unification of tax throughout the country, and GST 2 was about simplification of GST.
00:54:57So what can we expect from GST 3?
00:55:00What is the government's vision with regard to GST 3?
00:55:03And what other areas of reform can we look at in the near term of,
00:55:07say, about one to three years from now?
00:55:09The next question, please.
00:55:11Yes, go ahead.
00:55:13Good afternoon, ma'am.
00:55:15First of all, I would like to congratulate you on implementing these reforms.
00:55:20So my question is, what is the readiness of our IT system to implement these changes?
00:55:28Because we have seen in the past that whenever there are changes,
00:55:32there are a lot of system glitches because of which the smooth implementation is affected.
00:55:37So what is our readiness regarding the systems?
00:55:40The last question.
00:55:44Greetings, ma'am.
00:55:45This is Gayatri.
00:55:46So the question that I would like to ask you is that,
00:55:48as per the reforms, health and life insurance premiums are now GSA exempt.
00:55:53Is there a long-term strategy to balance tax relief in healthcare
00:55:57with the need of revenue in public health spending?
00:56:00Back to you, Maria and Shweta.
00:56:05GST 1, 2, 3.
00:56:07That was so beautifully.
00:56:09Absolutely.
00:56:10You know, you visualized it nicely and also described each stage very well.
00:56:17First, GST 1.0, if I can use that expression, was for unity to bring together all taxes
00:56:25and not have too many differences or overlaps or double taxation on one.
00:56:31This one is towards simplicity.
00:56:33You are right.
00:56:34That is the prime feature, whether it is in due diligences or in terms of applying rates.
00:56:42Simplicity.
00:56:43You are right.
00:56:44And what the third could be is now not the question.
00:56:48For me, it is to get the simplicity going.
00:56:52And that should be effectively felt by every consumer.
00:56:56So I would be working for it and somewhere, a couple of years into it,
00:57:01we can speak about what the third one can be like.
00:57:04So, but thank you.
00:57:06You brought in a nice dimension in your observation.
00:57:12The lady asked the question about medical insurance and how companies, if they have a difficulty,
00:57:19how are they going to pay off?
00:57:21See, most of the instant observations, that the benefit will go to the consumer, but that
00:57:29means the company will lose, is again based on a static observation, as things stand.
00:57:38But in economics and economy, nothing stands still.
00:57:45The moment the rate changes happen, the world is moving at a different pace.
00:57:48Earlier, it moved in a different pace.
00:57:51So, that itself will have to take care of the earnings of companies as well.
00:57:58But beyond that, and I would go, because sitting as a finance minister, I will take that indulgence,
00:58:04I seek that indulgence from you to say, a tax decision is the decision of the government,
00:58:10a sovereign government.
00:58:11It is the duty of everybody who is involved in the process, to pass it on to the end user
00:58:17for whom it has been meant.
00:58:19There are no shortcuts to making profits.
00:58:22We need to earn profit by winning trust of the people.
00:58:25And ma'am, the readiness of the IT system.
00:58:28That's a wonderful question that you asked me.
00:58:31Every time you've had glitches is when, I admit, there are times when glitches happened.
00:58:38And that is when you're bringing in a newer system to overlay over an existing system.
00:58:45Here it is a running system, which is well grounded.
00:58:50The rates are being changed.
00:58:53And on that, that is why, when we decided to implement it, implement it at the earliest,
00:58:59so that people can get the benefit, we still took 10 days.
00:59:03I could have implemented it from, say, today.
00:59:06Having taken a call in the GST meeting,
00:59:09I could have said within two days I'm going to implement it.
00:59:12No.
00:59:12I need that set of days, 10 days, let us say,
00:59:17for not just the IT systems of the CBIIC, the department revenue, GSTN network systems,
00:59:27but also the vendors should alter their computer systems.
00:59:32States will have to have their digital platforms and digital mechanisms
00:59:38to also adjust to the new rate.
00:59:40So the 10 days that we've given ourselves and then determine 20 seconds is when it's going to get implemented,
00:59:46is the time when our digital systems will all be updated.
00:59:50We are also joining us with social media.
00:59:53Once again, we will tell ourselves,
00:59:55that we are doing this interview for a very big reputation.
00:59:57We are doing this for a very big reputation.
00:59:59Because in the country,
01:00:01whether it is the benefit of every activity,
01:00:03whether it is a business or you are a manufacturer,
01:00:05whether it is a business or you are a manufacturer,
01:00:07everyone is asking their questions.
01:00:09One small question,
01:00:11which has come to the X-platform on Twitter,
01:00:13which is from Stanley's side, is asking,
01:00:15why petrol, diesel, and natural gas are not in the ambit of GST?
01:00:20Some of them have said this,
01:00:22but since they are revised,
01:00:24they have asked this question again.
01:00:26Our proposal,
01:00:29which was from the GST Council,
01:00:32we did not include petrol and diesel.
01:00:36As I said before,
01:00:39that when the council comes in the council,
01:00:42that we will take the petrol and diesel,
01:00:48and we will take the rate of petrol,
01:00:50and then we will take the rate of petrol.
01:00:52After that,
01:00:53we will be able to implement it.
01:00:56Because we are ready,
01:00:57we are ready.
01:00:58But if we need to get the petrol and diesel,
01:01:01then we can introduce it.
01:01:04Ma'am, now we have two more states left,
01:01:07Bengal and Uttar Pradesh,
01:01:08but we will be going first to Bengal.
01:01:10Over to you,
01:01:11the questions that people have for the Finance Minister.
01:01:20Madam Finance Minister,
01:01:21Nomoshkar from Kolkata.
01:01:23Of course, we are just weeks away from Durga Puja,
01:01:26and we can't think of Durga Puja without sweets.
01:01:28So the good news, of course,
01:01:29is that we won't have to pay much
01:01:31for our favourite Roshagolla,
01:01:33this Durga Puja season.
01:01:35But there are others from various industries,
01:01:37who does have some questions.
01:01:38Kaushik, you have a question from your industry.
01:01:42Hello.
01:01:43Good morning madam.
01:01:45I am Kaushik Basak,
01:01:46from Paper and Pack,
01:01:48and we are into packaging business.
01:01:50I have a question from you.
01:01:51My question is,
01:01:52that the GST change is very good.
01:01:55I will congratulate you on this.
01:01:57And the question is,
01:01:59that the input was 12% for the paper,
01:02:03mainly,
01:02:04and the output was 12%.
01:02:06Now, the input was 18%,
01:02:08and the output was 5%.
01:02:11This is 13% gap.
01:02:13This can be very problematic for our business,
01:02:16because the input of our people
01:02:19is a very difficult task,
01:02:21and the growth of our business,
01:02:23we need to build a lot of machines
01:02:25made in India,
01:02:26we need to build a machine for India,
01:02:28and the input of our people
01:02:30will be very difficult for us.
01:02:32So,
01:02:33we want to do something,
01:02:35because this is the industry.
01:02:37We have one question here.
01:02:39We have another person,
01:02:40Shuparno Mohitro.
01:02:41What is your question?
01:02:45Ma'am,
01:02:46two specific questions.
01:02:48First of all,
01:02:49the entire country is congratulating you,
01:02:51and let me also compliment you
01:02:53on your Hindi skills,
01:02:55which have all left us really wondering
01:02:58that,
01:02:59where did you learn so good Hindi from?
01:03:02The only question I have is,
01:03:04that are you thinking of reviving
01:03:07the National Antiprofiteering Authority,
01:03:11which got dissolved in 2022
01:03:13and got merged with CCI?
01:03:15Are you thinking of having a second version
01:03:18of that,
01:03:19maybe for a two-year period
01:03:20to ensure that your intent
01:03:23to pass on the benefits to the consumer
01:03:25are passed on to them?
01:03:26That's question number one.
01:03:27And second question is,
01:03:29that nobody is doubting your intent
01:03:31and your capability,
01:03:32but if there is no buoyancy in the market,
01:03:35you possibly could take on the shock
01:03:37of 48,000 crores based on the
01:03:4023, 24, 24, 25 base price, maybe.
01:03:44But what happens to the states?
01:03:46Thank you, ma'am.
01:03:47We are extremely happy that this is a bonanza
01:03:54from your part as well as the Prime Minister's part.
01:03:57You, both of you,
01:03:59become the messier for the middle class
01:04:01at this point of time.
01:04:02I said, Professor Devanjan Banerjee,
01:04:04my question is very specific.
01:04:05There are three components of my question.
01:04:07Number one is,
01:04:08how will the chart changes in GST rates
01:04:11affect the final price of essential and luxury items
01:04:14for consumers?
01:04:15The second part, the economic part,
01:04:17what are the projected revenue implications
01:04:19for the government,
01:04:20and how is the reform expected to boost the economy
01:04:23by increasing consumption?
01:04:25For the two technical part are, will the simplified structure reduce the compliance burden on businesses?
01:04:31And when the GST,
01:04:33Applied Tribunal, the GST,
01:04:35expected to become operational and begin hearing cases,
01:04:38which is very important for the business people.
01:04:40Thank you, madam.
01:04:43The GST is 99%,
01:04:48oh, there's somebody else asking.
01:04:50Ma'am, please go ahead.
01:04:51Yes.
01:04:52GST is 99% ready,
01:04:55and all the benches have been set up.
01:04:57They should start hearing the cases in a matter of days, I would think.
01:05:03The rate reduction and rate rationalization, as we've discussed,
01:05:09is definitely going to help common citizens, and therefore, for the question,
01:05:18it will have to be passed on by companies and traders.
01:05:23It will be as much as we've got the assurance from them.
01:05:28As regards any reduction in state's revenue,
01:05:32I would appeal to you to say,
01:05:35GST Council consists of centre also in it.
01:05:38Revenue reduction will affect centre also.
01:05:41We are not sitting there separately.
01:05:44We are not sitting there like as though we are the donors of states.
01:05:49States and centre are together in the GST Council.
01:05:52We've given in some taxes pre-GST,
01:05:55and states have given in some taxes pre-GST,
01:05:59to put together to make the GST as a taxation framework.
01:06:06So centre is not sitting there in it unaffected.
01:06:10So neither is it a donor nor is it not a party.
01:06:15It is a party there.
01:06:16So I would want that approach to be recognized.
01:06:20Saakshi, I am Saakshi Patra from business today,
01:06:24and I cover the stock markets.
01:06:26So I have to ask a question in Hindi,
01:06:28so I will ask you two questions.
01:06:30First of all, there is a landmark here.
01:06:32Taxation case.
01:06:33We have seen direct taxes, indirect taxes,
01:06:35and income tax bill.
01:06:37In other words, we have not seen much in the stock markets.
01:06:42We have seen 4% above Nifty and Sensex.
01:06:44So why is this happening?
01:06:45Because when we have done landmark reforms,
01:06:46we are not seeing the reflections in the Bazaar.
01:06:49The second question is,
01:06:51the retail investor,
01:06:52who is a rich man,
01:06:54and is increasing in the financialization of savings.
01:06:57So I also want to ask you,
01:06:59that GST,
01:07:00which we give to brokerage,
01:07:02DMAT accounts,
01:07:04AMC,
01:07:05why did not think anything about them?
01:07:08Stock markets ka reaction,
01:07:14sirf ek issue ke ooper itna shayad nahi hai.
01:07:18Isilie mein GST ka response aur uttejit hona chaiye,
01:07:23iske side mein nahi ho.
01:07:26They are influenced by so many different issues,
01:07:28which are simultaneously happening.
01:07:31This good news about reformed new age GST,
01:07:37had somewhat played on that day,
01:07:41when the news was out,
01:07:42the next day you heard,
01:07:43yesterday you saw the way in which the market reacted.
01:07:47So I don't think I will place much on that.
01:07:50But if questions are asked about,
01:07:53we are paying tax on this,
01:07:54we are paying tax on that,
01:07:55we are paying, you know.
01:07:57Yes, that is where we wanted to simplify
01:08:01and reduce the burden.
01:08:03As much as possible we have done it,
01:08:05and I can see response coming from people saying,
01:08:08yes,
01:08:09it seems that it will have an impact on my life.
01:08:12You will also have to wait and see how it is affecting
01:08:15people who are associated with you.
01:08:17The most important part of the country is going to be in the country.
01:08:21Uttar Pradesh,
01:08:22we are going to take a lot of rules.
01:08:24Now Uttar Pradesh is coming to the end of the country.
01:08:26But according to the population,
01:08:28there are a lot of things there.
01:08:29The Prime Minister,
01:08:31they are winning from that country.
01:08:34They are winning from that country.
01:08:35The Constitution is there.
01:08:36But with Lakhnao,
01:08:38I am with my friends,
01:08:39I am with my friends.
01:08:41Abhishek, tell us what people are saying.
01:09:11The question is, what is your question?
01:09:41The question is, what is your question?
01:09:43The question is, what is your question?
01:09:45The question is, what is your question?
01:09:47The question is, what is your question?
01:09:49The question is, what is your question?
01:09:51The question is, what is your question?
01:09:53The question is, what is your question?
01:09:55The question is, what is your question?
01:09:57The question is, what is your question?
01:09:59The question is, what is your question?
01:10:01The question is, what is your question?
01:10:03The question is, what is your question?
01:10:05The question is, what is your question?
01:10:07What is your question?
01:10:09Madam, my name is Mukesh Singh.
01:10:11I am the Indo-American Chamber of Commerce of Uttar Pradesh.
01:10:13Because my members trade in the Indo-US business,
01:10:17business trade in the Indo-US business,
01:10:19so my question is, what is your question?
01:10:21The question is, what is your question?
01:10:23If we import from imported goods,
01:10:25if we import from imported inputs,
01:10:27if we import from our members manufacturing
01:10:29and make goods,
01:10:31then the new rate of GST,
01:10:33what is your cost?
01:10:35Because if it has a cost,
01:10:37it can be out of competition.
01:10:39That is my question.
01:10:40See, the cap for garments at 2,500 is levied,
01:10:45because up to that rate,
01:10:47we don't want people to be burdened by tax, high tax.
01:10:51And increase it to 7,000 is a good suggestion,
01:10:56but in the council and in the group of officers
01:10:59which went into the detail,
01:11:01they didn't think it was necessary at this stage
01:11:03to increase it to 7,000.
01:11:05It was 1,000, we brought it up to 2,500.
01:11:09Earlier up to 1,000 if you bought it,
01:11:11it was without the burden,
01:11:13and over and above that you had to pay the rate.
01:11:17Whereas now from 1,000, we have taken it up to 2,500.
01:11:20At a stroke, you want to increase it to 7,000.
01:11:23I didn't think the committee, the council
01:11:26was in favour of anything beyond this.
01:11:29So that explains on the government and the cap.
01:11:32The health care.
01:11:33The health care.
01:11:34I think that's an important sector.
01:11:35Health care.
01:11:36No, wait a minute.
01:11:37Now, we've reduced for more than 300 items.
01:11:41We've removed completely life-saving drugs,
01:11:46particularly for those which are for people with such illnesses,
01:11:53which are requiring of these life-saving drugs.
01:11:56Then we've also made medical equipments free,
01:12:00so that diagnostics can be made available for all people without tax.
01:12:05Now, if the intention is to tell me every medicine be removed from taxation,
01:12:11I'll take that as a suggestion and let's see what the council has to say.
01:12:15And tariffs, ma'am? There was a question then.
01:12:18See, on the tariffs, as I said, we have not worked GST in anticipation of such a tariff which will hit us.
01:12:25But yet, what has been provided now is going to take care of the input costs in a way because of tax.
01:12:35If tax was heavy there, we tried matching the output costs with it so that the gap doesn't widen.
01:12:41That one case where one earlier speaker spoke about a particular item where it is too big, the gap,
01:12:48I'll have to study that.
01:12:49But otherwise, tariff-related 50% hitting you is something which I have not taken on board.
01:12:57As I said, I have not worked for US tariff-based relief.
01:13:01That is a separate thing which the government will work out as a scheme to see how exporters of tariffs.
01:13:08But you're talking about importing an item for which the costs have gone off because of the tariff.
01:13:14And as a result, what you're going to produce is going to be more expensive.
01:13:18This is not my tax which is burden due.
01:13:21But I will have to understand how that tariff because of import which comes here.
01:13:26As it is, the tariff is being levied only for those items which are getting exported.
01:13:30If your final item is getting exported and that gets faced with 50% US tariff,
01:13:37it's an issue which the government will have to study.
01:13:39Not the GST council.
01:13:40But if you're telling me my imports are going up.
01:13:43Levy is not, the tariff is not on the imports.
01:13:47It's on exports from India.
01:13:49But if you're getting not affected by tariff, items coming into India and then your output getting hit by tariff,
01:13:57as I said, the government will take care.
01:13:59The last question is, Nirmala Ji.
01:14:02I think the amount of money goes up, the more difficult people get down.
01:14:11It's good to be on a simple way.
01:14:14But if the government is reducing the debt, then your debt is also reduced.
01:14:20What are you doing?
01:14:21One thing that is talking about revenue losses,
01:14:23how will the government take it?
01:14:26No, one question.
01:14:28When people have the expectation that we will give up to 10 lakhs,
01:14:33we will give up to 10 lakhs.
01:14:36Large, ambitious opposition leaders also mentioned that
01:14:41we will give up to 10 lakhs, but we are not giving.
01:14:45That's why we are asking for 10 lakhs for giving.
01:14:48We give up to 12 lakhs.
01:14:50And that's also the implication in the revenue.
01:14:53We have also thought, and PM's opinion,
01:14:57that for middle class,
01:14:59recognize those honest tax payers
01:15:02who are actually increasing the income tax.
01:15:06Honest tax payers will have to be respected.
01:15:09And that's why 10 became, the expected 10.
01:15:12Actually, the reality may 7.75 lakhs tak, there was no tax earlier.
01:15:18Then we brought that 7.75 lakh ka,
01:15:21aaj, 1st February ko, bara laak tak leaye.
01:15:26So there was a revenue loss in that.
01:15:29But we still thought we should do it for honoring the tax payers.
01:15:33Like that, in this case also, there will be definitely an implication on us.
01:15:39Because,
01:15:40and so on,
01:15:42I will say.
01:15:43Like that.
01:15:44So,
01:15:45that is,
01:15:46how we can.
01:15:47Now,
01:15:49I think,
01:15:50because I think there's money to address.
01:15:51And,
01:15:52like that,
01:15:53I don't need to run this.
01:15:54That's a lot going on.
01:15:55I think there is a lot.
01:15:56I think there will be a lot
01:15:57of interest.
01:15:58I think there's nothing about the tax,
01:15:59and I think there's nothing about the tax payers.
01:16:01But,
01:16:02because of the tax payers,
01:16:03because of the tax payers.
01:16:04And our concern is just so much that they don't have money in the government's hands, how will they manage them?
01:16:12We don't have to say this, that there is no money in the people's hands, or is it not?
01:16:19And because of their hands, the amount of money they have to live in their hands, they are less than less than that.
01:16:26They have to give money in their hands. It's a good and honest way to reduce taxes.
01:16:34The good and honest way to reduce taxes is because of the money they are going to be in your hands,
01:16:40I mean, the government is going to be in your hands, the government is going to be in the hands of the government,
01:16:45and the government is going to be in the hands of the government,
01:16:50you are going to use it. What is the mistake?
01:16:54If you believe that the revenue is reduced from yesterday, the revenue has been reduced.
01:17:02The government has to think about how to do it, but this means that we are closing in the hands of the people's hands,
01:17:12who are in the hands of the people's hands, because of the people's hands,
01:17:15they will raise the money, and they will raise the money for their families.
01:17:19They will raise a new house, and they will raise the cement, or they will raise the car,
01:17:24and they will raise the revenue from their hands, because of the revenue,
01:17:26what is it? So this is a one-sided argument of repeatedly, revenue is reduced, revenue is reduced,
01:17:31and they will raise the income of the people's hands, and they will raise the income of the people's hands.
01:17:42In this regard, Maniya Pradhan Mantri ji, we have the guidance of the people's hands,
01:17:48that they will raise the income of the people's hands, and they will raise the revenue in their hands.
01:17:53Ma'am, you are leading finance ministry in very uncertain global times.
01:18:00You have been the head of the finance ministry also during the COVID period.
01:18:06When you were to make that comparison between those times and now, what's your thought?
01:18:12We've learned a lot of lessons because of my COVID exposure.
01:18:17In fact, I also mentioned it in the council, let me take the liberty to disclose one aspect of what happened in the council.
01:18:27Because when states are worried about revenue loss, loss, conditionally,
01:18:34center has also got responsibilities like defense, where it is exclusively our responsibility, we'll have to take care of that.
01:18:41So when I say, that I have learned lessons, that kind of a challenge which was across the country,
01:18:51even then, a leader like Prime Minister Modi did not waver, he didn't say, oh, what will happen?
01:18:59But on the top of it, he said, I don't want you to search for revenue anywhere, but I want to give free vaccination to the people of our country.
01:19:12140 billion, two doses will be free.
01:19:15So we had to borrow money, we had to do something and get.
01:19:19So I, in fact, quoted this in the GST council.
01:19:22If some states are worried, and if center is also going to have to be worried, saying,
01:19:29we will have to give the respite to the citizen first, and then worry about our revenue, how to mobilize it, where to get it from.
01:19:43But can that approach, as the Prime Minister took, give relief to the citizen, give him vaccination, don't take money from him.
01:19:50And now, therefore, give him the relief of tax reduction, so that he can spend money and do something.
01:19:57It is for the governments, we are empowered enough to take care of how to mobilize resources.
01:20:03It's our responsibility, we'll have to do it.
01:20:06And that is the lesson I've learned from COVID.
01:20:09And with a strong leadership like Prime Minister, I'm sure this country will see people being given relief,
01:20:16and economy resulting in a better position as a result.
01:20:20Like, GST is a tax tax for the whole country, which was our interview, it's a whole country for the whole country.
01:20:29With the government, you have left the time, and I think that all of the things you have heard from your attention,
01:20:36thank you very much, Nirmala Sitaramanji.
01:20:39Thank you so much.
01:20:39Thank you for today and India Today's efforts, this interview.
01:20:43Thank you very much for all of your questions.
01:20:45Thank you very much.