‘We have good relations with US, will resolve issues,’ Union Minister Piyush Goyal

Union Minister of Commerce and Industry Piyush Goyal said on Thursday that India continues to have good relations with the United States, and any issues will be resolved over time. Replying to a question about the status of trade talks with the US, Goyal said, “Well, I don’t think there’s any need to panic. We should allow the negotiations to happen. We continue to have very good relations with the United States, and I’m sure that we’ll be able to resolve some of these issues and come to an equitable, fair, and balanced agreement.”

There is never a timeline in negotiation, and one needs to do it patiently, as it is for the long term, he added.

Goyal criticised the opposition for terming the next-generation GST reforms as ‘1.5 reforms’ and saying it’s ‘better late than never’ and blamed it on its ignorance. “I think it only demonstrates their ignorance that they have not understood the step-by-step systematic way in which Prime Minister Narendra Modi has made this entire GST over the last eight years a success story, which is watched by the whole world.”

He added that more than 30 taxes, duties, and levies have been abolished and combined into one tax, and PM Modi has reduced the rate consistently, helping the common man whenever required.

‘Industries have committed to pass on entire benefit to common man’

Goyal further said that the implementation and execution of the GST reforms will be smooth and the benefits will be passed on to the people. “We have received assurance from all sectors of industry, different levels, big and small, have committed that we will pass on the entire benefit to the common man. We are very confident that they will meet our expectations,” Goyal said.

The minister said that the government sought a commitment from everybody, which it received, and besides, there are mechanisms in place to monitor it.

Industry will not let us down because for them, lower duty and lower rates mean a pickup in demand and greater business and the benefit of economies of scale, he added.

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‘Attractive pricing, lower cost increase demand, tax collection goes up’

On being asked about states having apprehensions around the reforms, Goyal said, “In a collection of over Rs 22 lakh crores in a year, it’s a very small amount. Attractive pricing and lower costs normally automatically help in increasing demand, and the tax collection will actually go up, it’ll go up very significantly.”

Referring to the criticism over GST still being a three-slab system, Goyal said the naysayers, or the people who raise this question, are very uninformed about the needs of Indian society.