New Delhi: Direct and indirect tax reforms will continue to facilitate and expedite the process of ease of doing business in India, finance minister Arun Jaitley said.
The government is committed to facilitate trade and industry in the country so that the momentum of the growth continues to move up, Jaitley said while interacting with a delegation of the Federation of Indian Chambers of Commerce & Industry on Tuesday.
He asked the Indian industry to comply with the recent recommendations of the GSTCouncil with regard to reduction of rates of various items and pass on the benefits to consumers, the finance ministry said in a statement.
Jaitley said the Insolvency and Bankruptcy Code has changed the credit culture in the country and is helping banks to make faster loan recoveries.
He said GST is now on track and fast settling down. The thrust of the government is to lower the tax rate, increase the tax base and keep revenue collections moving up.
Indirect tax collections will further increase in future, he told the delegation, according to the statement. Jaitley said India continues to be the sweet spot as far as foreign direct investment is concerned and is the fastest-growing economy.
The government is committed to keep this growth momentum high and inclusive to ensure that the benefits reach all sections of society, he added.
Speaking to reporters after the meeting, Ficci president Sandip Somany said the government promised to lower the corporate tax rate to 25% for all companies once the GST mop-up improves.