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Switzerland commits to join India in its fight against black money

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By NewsGram Staff Writer

Swiss Economic Affairs Minister, Johann N. Schneider Ammann, said on Friday that Switzerland is always in support of India’s fight against black money.

The minister said that the issues of black money will be discussed in the second session of the parliament.

“Switzerland has decided to follow international standards, including those framed by Organisation for Economic Co-operation and Development (OECD), in sharing information and providing assistance to foreign countries probing such cases, but we have to ask our Parliament to make changes in our laws,” he said at a select media briefing.

Ammann is on a three-day tour to India and is scheduled to meet India’s Finance Minister Arun Jaitley to discuss the issue.

To consider providing “administrative assistance” to foreign countries, which would include India, in such cases, a proposal would be moved in the Swiss Parliament in the second half of this year, said Ammann in New Delhi on Friday.

On a question regarding black money law, Ammann said that it is too early to talk about that as the procedures and the law itself first need to be understood.

However, Ammann assured that the Swiss Government will provide every assistance to India and both the governments will work together to bring back black money to India.

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Lok Sabha passes amendment bill on GST cess

Union Finance Minister Arun Jaitley said that change in the GST rates was a "natural" process and linked to the rise in tax collection.

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Lok Sabha passed the GST bill today
Lok Sabha passed the GST bill today

The Lok Sabha on Wednesday passed an amendment bill that seeks to replace an ordinance in which tax rates on motor vehicles was hiked to a maximum of 25 per cent under the Goods and Services Tax (GST) regime.

The House took up for discussion the GST (Compensation to States) Amendment Bill, 2017 amid din as the Congress and Trinamool Congress members raised slogans and banners protesting against union minister Anant Kumar Hegde’s “amend the Constitution” remarks.

 

The increase in cess for large cars and sports utility vehicles jumped from 15 per cent to 25 per cent.
The increase in cess for large cars and sports utility vehicles jumped from 15 per cent to 25 per cent.

Responding to the contention of opposition members who took part in the debate, Union Finance Minister Arun Jaitley said that change in the GST rates was a “natural” process and linked to the rise in tax collection.

The government had issued an ordinance in September to increase cess on motor vehicles,including large cars and sports utility vehicles, from 15 per cent to 25 per cent.

The Cabinet had earlier cleared the bill that seeks to replace the ordinance. IANS

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