New Delhi: The government is in favour of trade facilitation as it increases the ease of doing business, Finance Minister Arun Jaitley said yesterday.
“Trade facilitation will not only bring ease in doing business in the country but will also reduce the cost of doing business,” Jaitley said, delivering the keynote address at the inauguration of a two-day annual conference of senior customs, central excise and service tax officials here.
Jaitley’s remarks come in context of India’s refusal to ratify a World Trade Organisation (WTO) Trade Facilitation Agreement last month.
Jaitley also said that though the indirect taxes collection target for the current financial year are challenging, they are achievable.
The target has been set at Rs.6,23,244 crore, or 25 percent more than last year’s collections.
“Last few years have been somewhat difficult as far as the Indian economy is concerned. In last few years when you had modest growth rate, they were coupled with either a static or negative growth rate especially in manufacturing, as a result some of the indirect taxes took the hit,” Jaitley said.
IANS
