Union finance minister Arun Jaitley reiterated the proposed Goods and Services Tax (GST) would bring multiple benefits to the country and hoped the GST bill will be passed in a year's time. He also said that India's tax structure needs to be globally aligned for India to be competitive.
“Politically, the country was integrated in 1947, but economically the country is still not integrated,“ Jaitley told a gathering of industrialists, political leaders, businessmen and educationists.
He referred to different tax structures in different states and added goods will become cheaper and tax evasion will become nearly impossible with the introduction of GST.
Jaitley added the Congress had proposed the GST, but was now opposing it. He reiterated the budget proposal to bring down corporate taxes from 34% to 25% over four years. “We will begin work on it from next year...India should be a comfortable place for business,“ he added.
Jaitley said India is in a unique position to capitalize on growth opportunities and there are a lot of things like lower oil prices, higher foreign exchange reserves in the country's favour. He said India is in a far more resilient position than most of its peers.
“Politically, the country was integrated in 1947, but economically the country is still not integrated,“ Jaitley told a gathering of industrialists, political leaders, businessmen and educationists.
He referred to different tax structures in different states and added goods will become cheaper and tax evasion will become nearly impossible with the introduction of GST.
Jaitley added the Congress had proposed the GST, but was now opposing it. He reiterated the budget proposal to bring down corporate taxes from 34% to 25% over four years. “We will begin work on it from next year...India should be a comfortable place for business,“ he added.
Jaitley said India is in a unique position to capitalize on growth opportunities and there are a lot of things like lower oil prices, higher foreign exchange reserves in the country's favour. He said India is in a far more resilient position than most of its peers.
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