''TMC supported Goods and Services Tax (GST) in its election manifesto and now is the time to fulfill the promise to let the state benefit from it,'' Jaitley, while speaking at the West Bengal Global Business Summit at Kolkata, said.

Earlier in the day Jailtley, in a strong message to West Bengal Chief Minister Mamata Banerjee, the Union Minister said she has a responsibility to deliver on promises and create an environment to attract investments.

"Madam Chief Minister, you have a mandate to rule the state, and therefore, you have the responsibility to deliver what was promised," Jaitley said, while assuring the state of all possible help for developmental activities.     

India should be a strong federation of states, he said, adding, "in all areas where the states want to prosper, we are here to fully support you."

Stressing on the need to attract investment, Jaitley said, "we have to create an environment where we do not merely attract investment but also promise profitable return on that investment...investment will lead to greater investment."

Read More: Finance Minister attends business summit, interacts with Mamata

Referring to specific issues concerning West Bengal, the Minister said industries had moved away from the state despite several advantages. "Our challenge is to re-establish West Bengal as an industrial centre once again," he said.

One of the greatest challenges, Jaitley said, was to improve the ease of doing business.

"Investor has a choice...he has a choice of which state to invest in; he also has a choice of which country to invest in; and therefore we have to narrow down his choice so that his choice focuses on India as a particular state," he added.

Also Read: Bengal Global Business Summit: Ease of doing business in Bengal has improved, says Adi Godrej

The Minister further said that West Bengal will benefit from coal auction and implementation of the Goods and Services Tax (GST).

"A large part of the money which we are going to get because of the auction of the coal blocks is going to go to the coal producing states and West Bengal is going to be one of the four states which is going to be major benificiary of that," he added.

As regards GST, he said, "I have not the least doubt in my mind that their revenue position is going to be much better, in the first year of the GST implementation."

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