Concerned about missing the fiscal deficit targets and difficult economic situation, Finance Minister P Chidambaram has emphasized accelerating reforms for growth and has said that the country cannot afford to make more mistakes.
Finance Minister is likely to discuss issues related to implementation of Goods and Services (GST) with Sushil Modi, chairperson of Empowered Committee of State Finance Ministers. Chidambaram had earlier exuded confidence that the Centre would be able to sort out issues concerning implementation of GST shortly.
Modi, who is Deputy CM and also Finance Minister of Bihar has said that GST was an important step in the direction of indirect taxes and he would put the views of the states on GST before Chidambaram and would acquaint him with the difficulties expressed by states in implementation of GST.
GST, which will empower the Centre and states to simultaneously tax supply of goods and services, was to be introduced from April 2010 and has missed several deadlines. Chidambaram has said that the Union government wishes to bring GST into operation in 2013.
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