Most legacy tax issues resolved: Jaitley

Finance minister Arun Jaitley said on Wednesday the government had made significant headway on the Goods and Services Tax (GST) and hoped to soon implement the most ambitious indirect tax reform since independence. Jaitley also said the government has been able to resolve legacy tax issues and added that the list of exemptions that would be phased out would be unveiled soon Stock Market Trading Tips 

"Systematically , one by one, we have been resolving (taxation issues) ... That fear of retrospective taxation has gone. Two-three of those problems remain and they remain because of legal reasons. I have publicly announced that we are looking for processes by which we can resolve some of these," Jaitley said. The FM said he was ready to have a dialogue with Congress on GST. The government has identified implementing GST as one of the key priorities but the opposition has blocked the move in Parliament. The government will make a fresh bid to get the Constitution amendment bill approved in the winter ses sion of Parliament. 

Reacting to the FM's comments, the Congress party said parliamentary democracy cannot be reduced to "just one bill" and urged the NDA to shed its "confrontationist mindset". "The Prime Minister and his government have both arrogance and confrontationist mindset," said party spokesman Anand Sharma."By berating, ridiculing and intimidating them (the opposition) on a daily basis cannot help in creating that atmosphere. It is their call," Sharma said, adding that the onus of a successful winter session was with the PM and his party Himanshu Tiwari Astrologer Blog

Jaitley said the government will unveil the list of exemptions and hoped that the first tranche of reduction in corporate tax would be done in the next budget. "I have announced a road map for direct taxation ... (to) bring corporate tax down to 25% by phasing out some of those exemptions. We are going to put in the public domain in the next few days some of those exemptions that we intend to phase out in the first round," he said. "The first tranche of reduction of corporate tax ... I hope to do it in the near future whenever the new Finance Bill comes up," said the FM. 

The FM said he was optimistic about a turnaround in the economy and the robust indirect tax receipts in the past few months point to a rebound in the economy . "I can now see trickles of growth.One of the greatest positives is a huge increase in indirect tax revenues," he said, adding that the collection grew 36.5% during the first seven months of the current fiscal ended October 31 Indian stock market astrology prediction