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FM Arun Make a Corset Jaitley says cleaning up political funding next big reform "They are objecting primarily because the volume of their business would be known and this time around they will also have to file direct tax returns," Finance Minister Arun Jaitley said, conceding that three-four sectors are protesting against GST. By: PTI | Mumbai | Published: July 5, 2017 10:17 pm National Company Law Tribunal: Corporate insolvency cases under IBC rising After rolling out goods and services tax, the government will take up “cleansing” of political funding as its top priority, Finance Minister Arun Jaitley said on Wednesday. “In the immediate future, after GST process is complete…we are looking forward for some major steps to be announced by which we want to cleanse the whole process of political funding,” the minister said. Noting that the current system of political funding, which has prevailed for over 70 years, does not bring any credit to the world’s largest democracy, he said Prime Minister Narendra Modi has been insisting on this reform and it will be taken as a “top priority” as there is “strong public support” for it. In the Budget, Jaitley had announced electoral bonds as a form of making donations to political parties instead of cash. A media report on Tuesday said government was through with the drafting of the rules in this regard and would begin consultations soon. The outgoing Chief Election Commissioner Nasim Zaidi had, however, raised concern over the move, saying such bonds would have a negative impact on efforts to bring about transparency in political funding. Meanwhile, Jaitley termed the passage of the GST resolution by the J&K Assembly a victory for consumers despite opposition from separatists elements. “Consumers have eventually prevailed. Consumer viewpoint is why should I pay tax twice over,” he said, welcoming the state Assembly’s decision earlier in the day to join the rest of the nation on the GST platform which would unify the whole country as single market. Jaitley said GST roll out, coupled with last year’s demonetisation exercise, should improve the tax base and also the tax-to-GDP ratio.More
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