Union minister of state for finance asserts Asia will dictate the upcoming 21st century sculpting outcomes. He said the 19th century was Europe’s and the 20th was that of America, and now its the turn of Asia.

 “I feel the 21st century will belong to Asia and India will lead,” he said at an Assocham award function here He said the country’s growth story is not being recognised well.

The Minister said if the country adopts social banking well then nobody can stop it from growing at a fast pace. “Banks should reach to the unbanked. They should fund the unfunded. This will bring revolution in the agriculture sector leading to higher growth for the country.”

Indian economy like well-behaved Miss World challenger:

“Have you seen Miss Universe beauty awards? You would have seen that a girl who is the most beautiful among all the contestants does not get the award but somebody else wins who might not be that beautiful. What could be the reason? The jury looks at the behaviour and thought process of the contestants and then decides the winner. “We could also find people who can say the pace of growth of India is not good enough,” Meghwal said.

 Speaking at a banking awards event in Mumbai organised by industry body Assocham, Meghwal asked bankers to reduce their non-performing assets and reach out to the “unreached” segment of India which does not get access to loans.   “Banks should emphasise more on doing proper appraisal of loans before offering to borrowers. If banks would have done proper appraisal then NPAs would not have created,” Meghwal said, adding that this will bring revolution in the agriculture sector and leading to higher growth for the country. Appreciating Prime Minister Narendra Modi’s efforts, Meghwal added that the GST (Goods and Services Tax) and digital transactions are “two most important initiatives by the Modi government with the help of banking sector”.

Liability linkage provision in GST to impinge on small merchants:

The ‘liability linkage provision’ allows the buyer credit for tax paid on inputs used only if the supplier has paid the tax within a given window. The provision, to be discussed at the meeting of the GST Council on March 4-5, calls for reversal of credit to the buyer in case of noncompliance by the vendor. That is, a buyer would be penalised for the supplier’s non-compliance. The government wants to roll out GST from July 1. The relevant laws need to be approved by the GST Council and passed by parliament to ensure the legal process is complete by then. The GST Council will try and clear all the legislation during its two-day meeting on March 4-5.

A provision in the model goods and services tax (GST) law to confirm the smooth flow of credit and reduce tax evasion could affect smallsmall businesses and suppliers by supporting superior and financially formidable ones. 

 

 

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