BUD-PM TWO

Defending Mukherjee's proposal to hike the basic duty on
crude and petroleum products besides effecting a one-rupee per
litre increase on petrol and diesel, Singh said, "the economy
has the capacity to absorb this order of adjustments in excise
duties and customs duties without generating a wholesale
inflationary spiral."
"Well, I think Finance Minister has mentioned these
duties were reduced during a period when petroleum prices had
gone up to USD 112 per barrel. Now petroleum prices are much
lower..," the Prime Minister said.
On the postponement of the Direct Tax Code (DTC), he
maintained that "on the whole" it does not present a problem.
"....Simplification on DTC must be source of
strengthening the growth impulses, but the DTC, which was
circulated has, I think, generated certain apprehensions in
the business community...," he said.
The Prime Minister also assured DTC will not be imposed
till "all the apprehensions that have been expressed by the
business community are taken care of."
On the introduction of the Goods and Services Tax, Singh
said it requires a consensus and all states have to be on
board for it to be implemented.
"I think we cannot move the reform of having a GST. I
sincerely believe we cannot move very far in the direction of
having a GST... Sincerely hope, that during this year we will
work towards all these concerns," Singh said. MORE PTI