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Aguada (Goa), Oct 14  : Within days of India signing the Paris Climate Treaty, Finance Minister Arun Jaitley today said tax on environment unfriendly products will be “distinct” from others in the forthcoming 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 Summit beginning here tomorrow. The government is in the process of finalising rates for the Goods and Services Tax.The country has taxed coal and petroleum products in the past as well, Jaitley said, adding that “resources have to be mobilised from all sources for climate financing so that sustainable development goals can be achieved in a much more concrete manner”. He said large commitment from the developed countries to provide funding for climate change financing is not sufficient to meet the sustainable development goals and that the multilateral agencies also need to chip in. “Even now there is a debate as to nature of the USD 100 billion (that the developed world has committed for the developing nations), to fund technology transfers we do hope there is no double counting as far as the fund is concerned,” the minister added.Source: http://www.india.com/news/india/gst-rate-on-polluting-items-may-be-higher-arun-jaitley-1558033/

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