AMN /MUMBAI

jaitelyFinance Minister Arun Jaitley today said the implementation of the Goods and Services Tax (GST) regime is going smoother than expected in initial phase.

Addressing the 70th annual general meeting of the Indian Banks’ Association in Mumbai, Mr Jaitley said the decision-making mechanism at the top between the Centre and the states has been reasonably institutionalised.

He said, the mechanism created to address day-to-day issues is robust.

The Minister said, the number of people coming under the network itself is now likely to expand gradually.

On demonetisation, Mr Jaitley said, it was a conscious effort to alter the saving and spending pattern of the Indian society, which was largely cash dependent. Mr Jaitley noted that stressed assets are core area of concern for the banking system.