Aguada, Goa: Within days of India signing the Paris Climate Treaty, finance minister Arun Jaitley on Friday said tax on environment unfriendly products will be “distinct” from others in the forthcoming Goods and Services Tax (GST) regime so as to boost funds for climate financing. “The indirect tax regime that we are planning, the rate of taxation on such products which are going to be environmentally unfriendly would be distinct from the normal rate of taxation. This is one of the proposals being discussed,” Jaitley said ahead of the two-day Brics (Brazil, Russia, India, South Africa) summit beginning in Aguada, Goa on Saturday. The government is in the process of finalising rates for the GST. Speaking on the issue, Reserve Bank Governor Urjit Patel raised concerns about countries undermining objectives like climate finance.

Source: Mint October 14, 2016 11:37 UTC