Sinha says opposition needs to work with the govt to approve the constitutional amendment in Parliament to implement GST
Jayant Sinha said we all recognise that there’s a rock-solid consensus. Let’s work together towards this national priority. Photo: Ramesh Pathania/Mint
The opposition needs to work with the government to approve the constitutional amendment in Parliament to implement the goods and services tax (GST), junior finance minister Jayant Sinha said on Thursday.
“I am deeply disappointed that we could not pass the GST bill in the recently concluded session of the Parliament,” Sinha said at the auto component manufacturers’ 55th annual convention. “We all recognise that there’s a rock-solid consensus. Let’s work together towards this national priority.”
GST is a proposed indirect tax reform that will unify the Indian market.
Sinha hailed the auto-parts manufacturers’ efforts to put India on a global map through exports and emphasised on their contribution in job creation.
In 2014-15, India exported auto components worth $11.3 billion and aims to increase it to $84 billion by 2026 as part of the country’s automotive mission plan. The industry reported a combined revenue of $35 billion in 2014-15 and envisages it to go up to $223 billion by 2026.