Finance Minister Arun Jaitley has said government will not be soft on black money. Addressing the Economist summit in New Delhi today, Mr Jaitley said, black money problem will be confined to few years and resources must not remain parked outside the banking system of the country. When asked whether the banking system is biggest worry for the economy, Mr Jaitley said it is not main worry. <br/><br/>Mr Jaitley said NPAs in banking sector is a matter of concern but the government has taken numerous steps to tackle the situation. The Minister said steel, power, discoms, textiles and highways are the main contributor to the NPAs. He said the banking system, which the NDA government had inherited actually is in a very challenging situation.<br/><br/>Expressing confidence on the passage of GST Bill, Mr Jaitley said he still wants to implement a new goods and services tax, GST by 1st of April next year although there is political obstruction by the Opposition parties. Mr Jaitley said, GST is now being supported almost by everybody and it is only a matter of time before it is passed. <br/><br/>Taking strong note on the congress, Mr Jaitley said if this kind of obstructionism remains then perhaps Congress may succeed in hurting India's economy and derail it for some time. Speaking on the current global economic situation, Mr Jaitley said the current global economic situation presented an opportunity for India and it is important to stay on the path of reform and build momentum to achieve a higher level of growth. He said, India's basic parameters are strong and hence hopeful of maintaining growth despite the global turmoil.<br/><br/>Finance Minister also informed the government in the next few days will bring out a list of tax exemptions to be phased out as part of the exercise to reduce corporate tax rate to 25 per cent in four years. The minister also said measures to protect domestic steel sector from dumping by overseas manufacturers are being examined. Stating that every tax demand cannot be termed as tax terrorism, he said, the government will not relent on pursuing black money in India or abroad. Mr Jaitley said the government is trying to resolve pending tax disputes, many of them outside the courts. He said these legacy issues would be resolved in not much time.<br/><br/> <br/><br/>