‘GST only a matter of time’, and six other things Jaitley said at WEF conference

New Delhi: Finance Minister Arun Jaitley said that the roll out of the Goods and Services Tax was only a matter of time. Jaitley was talking at the World Economic Forum conference in New Delhi.

Finance Minister Arun Jaitley

GST has been on hold for a long time now, with no absolute resolve in the Monsoon Session earlier this year. The government is now counting out the upcoming Winter Session to get some definite clarity on the tax.

Jaitley said that the government will be able to pass GST when it’s put to vote.

Here are five other things that Jaitley talked about at the WEF conference.

1) Retrospective tax Fear of retrospective tax is now gone. There are two to three issues that remain because of
legal hurdles

2) Corporate tax: The first tranche of corporate tax reduction will be when the next Finance Bill comes.

3) Land Ordinance Bill: The remains with the Select Committee. The government will explore the possibility of a consensus in the upcoming session

4) Power sector reforms: We have finalised power sector reforms and are likely to announce them in next couple of hours.

5) Bankruptcy law: The legislation on the bankruptcy law will be introduced in the next session of the Parliament

6) Indirect tax collection: There is a huge increase in the indirect tax collection. There is a 36.5% rise in revenue receipts till October 31.

7) US Federal Reserve interest rate hike: It may lead to turmoil. Our strategy is to strengthen the economy so that the impact is transient and temporary.