Expressing his confidence, Finance Minister Arun Jaitley said that India will also benefit from the growth in the global economy. The Indian economy is currently moving at a pace of 7 to 8 percent, which has created a "new normal" growth level for it.   

Answering a discussion on the second installment of the supplementary grant for the current financial year in the Lok Sabha, the Finance Minister said that the decision to bring Petroleum products to the purview of the goods and services (GST) will be taken by the GST Council.

Following the reply of the Finance Minister, the lower house approved the supplementary grant demands and related bill related to the additional expenditure of Rs 66,113 crore. The total additional expenditure in this amount will be Rs 33,379 crore. 

During this time Jaitley, while addressing the Congress, said that when the average rate of indirect tax was between 31 to 31.5 percent, there was no talk of 'Gabbar Singh Tax'. "When you used to tax taxes at the rate of 31.5 percent, including excise duty, VAT, CST and the impact it had, then no one could remember Gabbar Singh tax. But now tax rate is only 18 percent. "It is notable that during the campaigning in Gujarat, Congress President Rahul Gandhi called the goods and services tax (GST) as 'Gabbar Singh Tax'." 

On the issue of bringing petroleum substations under the GST, Jaitley challenged the Congress party and said to his Chief Ministers that he openly admits that he is interested in bringing petroleum products to the realm of GST. He further said that zero rates are applicable under GST on petroleum products. Any decision about these will be taken in the GST Council.   

Jaitley also said that the government could not have avoided the time for implementing the GST as it was arranged in the Constitution that the new tax system was to be implemented from September 16, 2017. He once again assured in the House that no state will be allowed to lose revenue due to the implementation of GST.

The Center has guaranteed the compensation for states for five years in this regard.  He said that signs of improvement in the global economy are beginning to appear. India will also benefit from the rise in the global economy.

The Indian economy is growing at a speed of seven to eight percent this time and it has become a new normal growth level for it. The world economy is expected to achieve a growth rate of 3.6 percent in 2017. It is believed that it will achieve a 3.7 percent increase in the next year. 

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