Finance Minister Arun Jaitley on Wednesday said that passing GST is a question of time and as and when it is put to vote he sees it going through. He was speaking at the World Economic Forum (WEF) hosted along with the Confederation of Indian Industry (CII).
He further added that Goods and Services Tax (GST) bill when passed will allow for the levying of a national comprehensive tax on goods and services manufactured in India.
The theme of the meet is ‘Delivering Growth in the New Context’.
Key points from his opening address
-First tranche of corporate tax reduction when the next Finance Bill comes: Jaitley
-Fear of retro tax gone now; 2-3 issues remain because of legal hurdles, says FM
-GST only a question of time; when it’s put to vote, we will be able to pass it: Jaitley
-Land Ordinance Bill remains with Select Committee; govt to explore possibility of consensus in the upcoming session
-Huge increase in indirect tax collection; 36.5 pc rise in revenue receipts till October 31
– We have finalised power sector reforms, which are likely to be announce soon
– Bankruptcy Bill to be introduced in next session of Parliament
The Congress, which is the main opposition and which had drafted the key GST Bill, is also against the NDA version of the bill saying many key provisions of the original bill have been altered.
Since the government does not have majority in the Rajya Sabha, it needs to get the opposition on its side to pass the GST Bill that involves amending the Constitution.