Finance minister Arun Jaitley for simpler tax structures

Finance minister Arun Jaitley reiterated the multiple benefits that the proposed Goods and Services Tax (GST) regime will bring to the country, while hoping that the GST bill will be passed in a year's time.

He also said that for India to be globally competitive, the tax structure needs to be globally aligned.

The minister was speaking at a meeting attended by industrialists, political leaders, businessmen and educationists in the city on Saturday Stock Market Trading Tips

"Politically, the country was integrated in 1947, but economically the country is still not integrated," Jaitley said, referring to the different tax structures of each state.

He said with the introduction of GST, goods will become cheaper and tax evasion will become nearly impossible. He added that it was the Congress that had proposed the Goods and Services Tax, but is now opposing it.

Commenting further on the tax structure, Jaitley reiterated the budget proposal to bring down corporate taxes from the current 34% to 25% over a span of four years.

"We will begin work on it from next year...India should be a comfortable place for business," he added.

Jaitley said that India is in a unique position to capitalize on growth opportunities and there are a lot of things like lower oil prices, higher foreign exchange reserves in favour of the country. He said India is in a far more resilient position than most of its peers Himanshu Tiwari Astrologer Blog

"A lot of global factors like lower oil prices are in our favour. With the Chinese economy also slowing down, the world needs more shoulders to take it on the growth path," Jaitley said adding, "India needs a mature polity to shoulder this growth."

The fiscal deficit target of about 3% of GDP for the current financial year will be met, Jaitley said.

"I am of the strong belief that a country must spend within its means. Otherwise we will leave indebtedness for our future generation," he added.

In a global environment that suits the country, Jaitley emphasized that there is a need to break away from conventional thinking. "This is a time when all forms of investments should go up," he said Financial Astrology Tips
While India has become the largest recipient of foreign direct investment in the recent past and at a time when public sector investment has also increased, Jaitley said that it was time for private sector to also step-up investment.

He also mentioned how the railway ministry too is looking at privatizing 400 railway stations in the country.

He said that the government is also working out a scheme to support the ailing power distribution companies, whose health has a direct bearing on the asset quality of the banks.

'Municipalities and states should change attitude'

Addressing a large gathering of business persons and local politicians in the city, finance minister Arun Jaitley said that states and municipalities must change their attitude to facilitate business better. "It is in your interest that businesses stay in your locality. Investors have many choices these days," Jaitley told a gathering of over 200 people in his 51-minute address.He added that while ease of doing business has improved, it is still work in progress Indian stock market astrology prediction

Earlier in the day, a select group of builders, educationists and politicians met the finance minister. Builders in that meeting brought out the issue of delayed permissions and environmental clearances that have affected real estate development and led to increased costs. "The minister told us that the government has simplified processes for obtaining environmental clearances for projects up to 5 lakh sqft saleable area," said Krishnakumar Goyal, chairman and managing director, Kohinoor Group. Currently, environmental clearances are needed for projects with saleable area is more than 2 lakh sqft.

The builders, however, pointed out that this is not happening on the ground and approvals take anywhere between six and 18 months to come through. In fact, recently builders had protested in the city to highlight this issue. Jaitley said that states and local bodies are responsible to ensure that central policies are implemented. "Those who try to stall this roadmap (for growth) must realize that India is becoming a highly aspirational society," he added Share Market Astrology