In Delhi, while delivering the first Dr. APJ Abdul Kalam Memorial Lecture at the India Islamic Cultural Centre, Mr. Arun Jaitley the Finance Minister of India pressed the slogan ‘One Nation, One Tax’ for the long-debated topic of GST i.e. Goods and Services Tax.
He was much more conscious about the hurdles that India is facing by the multi-level taxation system followed by the industries and business units. He also stressed upon the image maligning incidents of the coal mine and spectrum controversies which drowned the Indian fidelity in front of the whole world and making shame of our corrupted chain of system integrated at every level.
As per his facts, he was assuring that the GST bill has various benefits coming along with it, as it will only improve the current scenario of taxation schemes ongoing in India. While he also told that India should exclude this prevailing indirect tax system completely in which a business unit is taxed at every point and for this same reason many rising industries and business unit’s fell into doom state making them skeptic about the future operations.
Talking about the investment issue, Mr. Jaitley spoke, “Now investment from private sector … will come only if India becomes best possible investment destination. For that India has to get rid of corruption, India has to have a quicker decision making process, India has to have business environment which is extremely easy,”.
The GST(Goods and Services Tax) will be holding most of the indirect taxes but the central government has enlisted Constitutional Amendment Bill for presentation of GST in Rajya Sabha for consideration and passage next week.
As he mentioned that easing of foreign investment procedure still haven’t resolved the delay issue on the state level. His words on this point were, – “… every time we delay a project, every time we put hurdles, you create an adverse environment where you lose jobs, ancillary units, and revenue which sends a bad picture of India to other future investments,”
