Jaitley's remark came in the context of Jewellers continuing their protest strike against the 1% excise duty on non-silver jewellery
Says he met Sonia Gandhi and Manmohan Singh over its passage; if cleared, GDP will go up by 1.5-2 percentage points
He said, 'Retrospective tax is a matter of the past'
He said major central, state taxes will get subsumed, reducing multiplicity of taxes, bringing down compliance cost
Referring to Congress, that is opposing GST bill, Jaitley said the party has an "issue on constitutional capping" of GST tariffs
Arun Jaitley also expressed hope the bankruptcy and insolvency Bill would be passed in the second half of the Budget session
Even with less than ideal design features, the state VAT pushed up revenues. The GST, with an improved design and a fully integrated IT system for both the Centre and the states, will fare better
Successful implementation of the goods and services tax hinges on the quality of tax administration reforms that the states can carry out. The CBEC's experience can offer useful lessons to the states
The goods and services tax will level the playing field for different sectors of industry, including domestic manufacturing. It will also promote the making of a common market by eliminating inter-state taxes
According to the global financial services major, support for GST bill is rising in the Rajya Sabha
'The extant tax structure of India is heavily fragmented with multiple indirect taxes levied by different authorities at different stages of a transaction,' IAMAI President Subho Ray said
Lower excise duty by at least 2%; total tax to 20% level from current 23-24%
The appointment comes days ahead of the upcoming Budget Session of the Parliament which starts on Tuesday