 "GST rollout is only a matter of time, says Jaitley")
Finance Minister Arun Jaitley on Wednesday said the constitutional amendment Bill on a national goods and services tax (GST) would be cleared in the Rajya Sabha when put to vote. He also said reforms such as those relating to restructuring of debt of power distribution companies, draft bankruptcy code, a road map on phasing out corporate tax exemptions would be announced shortly.
Later in the day, the Bankruptcy Law Committee report was presented to Jaitley. Besides, power reforms are expected to come up in the Cabinet on Thursday. Interacting with Klaus Schwab, founder and executive chairman of the World Economic Forum (WEF) here, Jaitley said there was room for consensus on some provisions of the land Bill; the government had allowed an ordinance on this to be lapsed.
Pointing out that power was a stressed sector, Jaitley said the government would announce restructuring of discoms’ debt in the next couple of days. “Once that happens, I am quite sure the private sector will also start participating.”
He said the country was generating more power than it needed. “For the first time in history, we have surplus resource. Generation companies are facing difficulty because there are no takers for the power.” On GST, he said, “I think (introduction of) GST is only a question of time, since obstruction won’t continue indefinitely. As and when it is put to vote, I see GST becoming a reality.” The Congress and some parties had opposed the legislation in its present form in the Rajya Sabha, where the government does not have the numbers to get it passed. But Jaitley said within months the numbers in the Upper House would tilt in favour of the ruling combine. Results of the Bihar Assembly elections, due on Sunday, can change the equation in the Rajya Sabha.
At the event organised by the WEF, he said any increase in interest rate by the US Federal Reserve would impact capital flows to the country initially, but these would stabilise later. Turmoil is the new normal in these days of integrated globalisation, he said.
Later in the day, the Bankruptcy Law Committee report was presented to Jaitley. Besides, power reforms are expected to come up in the Cabinet on Thursday. Interacting with Klaus Schwab, founder and executive chairman of the World Economic Forum (WEF) here, Jaitley said there was room for consensus on some provisions of the land Bill; the government had allowed an ordinance on this to be lapsed.
Pointing out that power was a stressed sector, Jaitley said the government would announce restructuring of discoms’ debt in the next couple of days. “Once that happens, I am quite sure the private sector will also start participating.”
He said the country was generating more power than it needed. “For the first time in history, we have surplus resource. Generation companies are facing difficulty because there are no takers for the power.” On GST, he said, “I think (introduction of) GST is only a question of time, since obstruction won’t continue indefinitely. As and when it is put to vote, I see GST becoming a reality.” The Congress and some parties had opposed the legislation in its present form in the Rajya Sabha, where the government does not have the numbers to get it passed. But Jaitley said within months the numbers in the Upper House would tilt in favour of the ruling combine. Results of the Bihar Assembly elections, due on Sunday, can change the equation in the Rajya Sabha.
At the event organised by the WEF, he said any increase in interest rate by the US Federal Reserve would impact capital flows to the country initially, but these would stabilise later. Turmoil is the new normal in these days of integrated globalisation, he said.