Headlines
Jaitley says GST will be in place soon, reforms to continue
New Delhi, Feb 4 Finance Minister Arun Jaitley said again on Thursday that the goods and services tax regime (GST) will become a reality soon, and added reforms in the country' direct tax system were also the government's priority. He said reforms have no finishing line.
"The GST has been supported by most of the political parties. I am sure others will also see reason -- it law will become a reality very soon," the finance minister told the inaugural session of the two-day India Investment Summit here.
The main opposition to the current format of the GST bill is from the Congress party that wants the government to scrap the proposed 1 percent additional levy to compensate states for losses for the switch, incorporate the GST rate within the bill and limit the exempt items.
Jaitley said along with the indirect tax system, the direct tax regime was also being revamped.
"We want to rationalise our direct tax system -- to make it one of the most competitive regimes in the world comparable with what competitive economies elsewhere have," the finance minister said, as he prepares to unveil the national budget for the next fiscal on February 29.
Jaitley said even as concerns remain over the global financial system, India has now become and will remain the fastest growing economies in the world, since it has the potential to grow even faster, with full potential awaiting to be realised.
He said global investors can also benefit in the process since the country needed investment in infrastructure, including roads, highways, fly-overs, railways, power, renewable energy, oil and gas, ports and airports among others.
"It will be a win-win situation for both India and those who are investing in India," he said, and assured investors that his government was working on faster dispute resolution so that no project is held up.
Jaitley also said a very effective bankruptcy and insolvency bill that was introduced in parliament in the previous session will see a passage during the ensuing session, for which a panel was burning mid-night oil to sumbit a report by the first week of March.
"One of our greatest challenges was to re-establish the credibility of Indian markets. In order to establish the credibility of the Indian economy, it is important that we not only reform but continue reform only in one direction," he said.
"We have eased out the processes. Several conditionalities that made the investment process more difficult, even those conditionalities have also been sliced away," he said. "For reforms, there is no finishing line.Ââ€

53 seconds ago
India, Pakistan will 'get it figured out,' says Trump on border tensions

2 minutes ago
US pauses student visa cancellations

9 minutes ago
Study decodes how malaria can lead to childhood cancer

11 minutes ago
Boult Audio’s net profit declines by 37 pc in FY24, revenue up 41 pc

12 minutes ago
AIIMS Bhubaneswar launches Robotic Knee Replacement facility

16 minutes ago
Social Justice department brainstorms issues affecting beggars, homeless

18 minutes ago
Pilot plant of fortified rice kernels launched at CSIR-NIIST

19 minutes ago
Countrymen collectively, strongly fought malaria: PM Modi

20 minutes ago
Kerala Health Minister seeks report on why she was not invited to cathlab inauguration

21 minutes ago
Just 3 minutes of moderate activity daily can boost heart health in elderly

25 minutes ago
GI-PKL 2025: Tamil Lioness, Punjabi Tigress reach semis as battle of top-four intensifies

27 minutes ago
Kalinga Super Cup: High-flying Blasters face Mohun Bagan, Goa wary of Punjab in quarters

29 minutes ago
APRC 2025: Karna Kadur, Musa Sherif lead in Indu Chandhok Memorial South India Rally