Terming the high current account deficit (CAD) of 4 per cent a matter of concern, Finance Minister Pranab Mukherjee exuded confidence that government would be able to overcome the situation and sought support of political parties and states for approving key tax reform bills.
"Yes, it is matter of concern Current Account Deficit but as there is a saying if there is crisis in food that does not mean that we shall start eating lizards," he said in his reply to the Finance Bill.
"The situation is not that difficult today. Yes, it is a difficult situation but, we can overcome the situation. As in the past, we have overcome," he said.
CAD rose to 4 per cent of GDP in 2011-12 against 2.7 per cent in the previous fisca As regards the Goods and Services Tax and Direct Taxes Code, Mukherjee said, these two reforms would bring in sea change in tax administration.
"If we can do these two things, I believe that there will be a sea change, a major reform in the Indian Tax System which will be transparent; which will be non-discriminatory; which will be viable; and which will provide tax buoyancy, as it has been established with the introduction of VAT," he said. "...please help us have the necessary reforms in the introduction of the GST," he added.
"Yes, it is matter of concern Current Account Deficit but as there is a saying if there is crisis in food that does not mean that we shall start eating lizards," he said in his reply to the Finance Bill.
"The situation is not that difficult today. Yes, it is a difficult situation but, we can overcome the situation. As in the past, we have overcome," he said.
CAD rose to 4 per cent of GDP in 2011-12 against 2.7 per cent in the previous fisca As regards the Goods and Services Tax and Direct Taxes Code, Mukherjee said, these two reforms would bring in sea change in tax administration.
"If we can do these two things, I believe that there will be a sea change, a major reform in the Indian Tax System which will be transparent; which will be non-discriminatory; which will be viable; and which will provide tax buoyancy, as it has been established with the introduction of VAT," he said. "...please help us have the necessary reforms in the introduction of the GST," he added.
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