You are here: Home » News-IANS » Business-Economy
Business Standard

Hoping to implement GST from July 1: Jaitley

IANS  |  New Delhi 

Minister said on Wednesday that the was hoping to implement the Goods and Services (GST) by July 1 after the enabling Bills get Parliament's nod in the current budget session.

"is the biggest reform in India. Hopefully, will be implemented by July 1. Bills will hopefully be cleared in Parliament," Jaitley said here at the 23rd Conference of Auditors General of Commonwealth Nations hosted by the Comptroller and Auditor General (CAG) of India.

Jaitley said that India's indirect taxation regime, which is currently the most complex in the world, will transform into a simplified one with the implementation of GST.

"We have the most complicated indirect systems. Once implemented, what is currently the most complicated system in the world will become the simplest in the world. The enabling laws are before the Parliament. By middle of the year (2017), we hope to see the implementation of GST," he said.

"Evasion of taxes will be difficult under GST. Size of Indian economy will increase," he added.

Jaitley also noted that India is an open economy with 90 per cent of the investment happening through the automatic route.

"Opposition to reforms is minimal. Opposition to protectionism is minimal. Reforms in the foreign direct investment (FDI) in India have been significant and we are among the most open economies in the world," he said.

The Minister, however, lamented that while public investment and FDI were high, private sector investment still lagged behind.

--IANS

mm/in/vm

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Wed, March 22 2017. 11:02 IST
RECOMMENDED FOR YOU
RECOMMENDED FOR YOU