ONKAR SINGH/NEW DELHI
Finance Minister Arun Jaitley Thursday assured the Lok Sabha that every deposit of the people in public sector banks is safe and there should not be any apprehension in this regard.
Replying to a debate on second batch of Supplementary Demands for Grants for 2017-18 in the Lok Sabha, Mr Jaitley said, the level of protection to public deposits will be much higher in the proposed Financial Resolution and Deposit Insurance Bill than it is now. On members’ demand for more money for Cyclone OCKHI hit States -Tamil Nadu, Kerala and Lakshadweep, Mr Jaitley said, as soon as the assessment report of the Central Team is finalised, the best possible relief will be given to these States.
Mr Jaitley denied the allegations that States are losing revenue following the implementation of GST. He said, under the Constitution, the States are guaranteed 14 per cent increase per annum for next five years on base year 2015-16. He said, 80 per cent of GST goes to States, therefore, they cannot say that they are getting less money.
The Finance Minister also asked the Opposition Congress to ask the States ruled by it to agree to bring petroleum products under GST.
“Today, the situation is, Petroleum is the part of GST but it is zero-rated in GST. It will get tax on GST once the GST council decides. The UPA amedment had kept even petroleum completed out of GST even in the constitution amedment.”
Later the House voted the Supplementary Demands for Grants and passed the Appropriation bill to authorise the government to spend the money from consolidated fund of India.
Under Supplementary Demands for Grants, the government proposes for additional expenditure of 66,113 crore rupees under different heads. Of the total expenditure, over 20,532 crore rupees will be provided for urea freight subsidy, while another 15,908 crore rupees towards National Highways.
