Finance Secretary Ashok Lavasa speaks at ASSOCHAM's Industry Interactive Session

18 March, 2017

Description

India Inc should work for the July 1 roll out of the Goods and Services Tax, Finance Secretary Ashok Lavasa said at an ASSOCHAM Industry Interactive Session in New Delhi today. 

In his address to the ASSOCHAM Managing Committee, the Finance Secretary said "We should all work towards July 1, if it gets achieved". He said along with the government, the industry should organise training sessions to prepare the industry for the tax reforms. 

The Finance Secretary also took the opportunity to reassure the industry that vigilance probes would not be an obstruction to banks resolving the issue of non-performing assets (NPAs). The honest bank officers have nothing to worry about he said. 

The Finance Secretary said "If you take honest decisions you do n't have to fear. ...Financing documents and rules of the game provide scope to sit with the banks in the interest of investment". 

He said efforts are on to save projects which have run into rough weather because of events beyond control of individuals or industries. The problem of the NPAs of the banks is restricted to a few sectors but it must be resolved. 

Mr Lavasa said that the focus of the government is to efficiently spend increased outlays on public and infrastructure projects, including MNREGA which has been run with increasing efficiency with the Direct Benefit Transfer (DBT) schemes. As much as Rs 34,000 crore has been saved so far by implementing DBT in 78 schemes he added.