India’s economy is going on the right path and it will grow further in future, said Arun Jaitley, Union Finance Minister at a programme in Gurugram.
Not only this, he also said that financial institutions in India are performing better in comparison to their global counterparts.
”Compared to financial institutions everywhere else in the world, we have done well and will continue in that direction,” said the Finance Minister, speaking at State Bank Academy programme in Gurugram.
The comment from the Finance Minister came few days after the Goods and Service Tax (GST) Council announced lowering of the tax rates on a number of products ranging from chewing gums to detergents from 28 per cent to 18 per cent.
“178 items have been moved from 28 percent to 18 percent GST slab, changes will be applicable from November 15,” the minister said.
“Detergent, toiletries, marble floorings are among products which have been shifted to 18 percent tax bracket from 28 percent,” he said.
The Council slashed the number of products in the 28 per cent GST slab from 50 to 200. It also reduced tax rates n 13 items from 18 per cent to 12 per cent. Apart from this, rates on six items have been reduced to zero from 5 percent, the finance minister said further.