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GST will be a reality soon: Finance Minister
Union Finance Minister Arun Jaitley said again on Thursday that the goods and services tax regime (GST) will become a reality soon and added that reforms in the country\'s direct tax system were also the government\'s priority. He said reforms have no finishing line.
​Jaitley says reforms have no finishing line
New Delhi: Union Finance Minister Arun Jaitley said again on Thursday that the goods and services tax regime (GST) will become a reality soon and added that reforms in the country's 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 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.
