|
|
Hoping to implement GST from July 1: Jaitley
|
|
|
|
Top Stories |
|
|
|
|
SME Times News Bureau | 22 Mar, 2017
Finance Minister Arun Jaitley said on Wednesday that the government was
hoping to implement the Goods and Services Tax (GST) by July 1 after the
enabling Bills get Parliament's nod in the current budget session.
"GST
is the biggest reform in India. Hopefully, GST will be implemented by
July 1. GST Bills will hopefully be cleared in Parliament," Jaitley said
here at the 23rd Conference of Auditors General of Commonwealth Nations
hosted by the Comptroller and Auditor General (CAG) of India.
Jaitley
said that India's indirect taxation regime, which is currently the most
complex in the world, will transform into a simplified one with the
implementation of GST.
"We have the most complicated indirect tax
systems. Once implemented, what is currently the most complicated
system in the world will become the simplest in the world. The enabling
laws are before the Parliament. By middle of the year (2017), we hope to
see the implementation of GST," he said.
"Evasion of taxes will be difficult under GST. Size of Indian economy will increase," he added.
Jaitley also noted that India is an open economy with 90 per cent of the investment happening through the automatic route.
"Opposition
to reforms is minimal. Opposition to protectionism is minimal. Reforms
in the foreign direct investment (FDI) in India have been significant
and we are among the most open economies in the world," he said.
The
Finance Minister, however, lamented that while public investment and
FDI were high, private sector investment still lagged behind.
|
|
|
|
|
|
|
|
|
|
|
|
|
Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
|
66.20
|
64.50 |
UK Pound
|
87.50
|
84.65 |
Euro
|
78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
|
|
Daily Poll |
|
|
PM Modi's recent US visit to redefine India-US bilateral relations |
|
|
|
|
|
Commented Stories |
|
|
|
|
|
|
|
|