GST
is scheduled to be implemented from April 1, 2010. There
will be one or more central and state GST rates for all
goods and services.
“When
we move towards GST, whatever its number be, surely it
cannot accommodate 16 per cent central excise duty. I
don’t know what the final number will be, but it has
to be lower than 16 per cent,” Chidambaram said at a
meeting organised by the Confederation of Indian
Industry here.
Chidambaram
cut excise duty in Budget 2008-09 to 14 per cent from 16
per cent. However, the task force on the Fiscal
Responsibility and Budget Management Act, chaired by
Vijay Kelkar, had recommended a 12 per cent central
excise rate.
“I
have taken the first step to signal to the whole country
and especially to the state governments that as I look
forward to accommodate my financial interest within the
final number, you do the same to come to a consensus on
the final number,” Chidambaram added.
On
the possibility of moderation in interest rates,
Chidambaram said it was the domain of the Reserve Bank
of India. “I personally think there is a scope for
deposit and lending rates to drop,” he added.
Chidambaram
reiterated that the government hoped to maintain a
growth rate of around 9 per cent and contain inflation
to around 4 per cent in the coming years.
On
disinvestment in public sector undertakings, he said,
“We have listed 45 central public sector enterprises
and we wish to list more in the future.”
