GST implementation smoother than expected: Jaitley
GST
Dated:- 22-9-2017
Mumbai, Sep 22 (PTI) Finance Minister Arun Jaitley today said the implementation of the new taxation regime GST is going smoother than expected in initial phase.
\nThe decision-making mechanism at the top between the Centre and the states has been "reasonably institutionalised" and the mechanism created to address day-to-day issues is robust, he said.
\n"… these are early days of the implementation of the alternative taxation system. It appears to be so far going on smoother than expected," Jaitley said, addressing the 70th annual general meeting of the Indian Banks' Association here.
\nHe said the number of people coming under the <\/p>\n
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\nA lot has happened to the country and the economy in last one year and there is a lot of concern with regard to banking system, which is lifeline for the economy, he said.
\nWhile credit goes to the banking sector for financial inclusion as well as handling demonetisation drive successfully in a few weeks, Jaitley noted that stressed assets are core area of concern for the banking system.
\n"It has been the major challenge with regard to the increasing number of stressed assets. I think it is this which is really the core area of concern today," he said.
\n"Whatever steps that are required to be taken to find a resolution to this problem (NPA) we will expeditiously work with India's banking system in order <\/p>\n
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