New Delhi, Feb 4: Finance Minister Arun Jaitley today hoped that the Goods and Services Tax (GST) will soon become a reality.
“It (GST) has been supported by most political parties and I am sure others will also see reason and this law will become a reality very soon,” Mr Jaitley said while inaugurating the two-day India Investment Summit here.
“We want to rationalise our direct tax system in order to make it one of the most competitive regimes in the world comparable with what competitive economies elsewhere have,” Mr Jaitley added.
He said reform is a continuous process and that “there is no finishing line” for that as “it has to go on and on because challenges keep coming up”.
GST Bill is stalled in the Rajya Sabha as the Congress has refused to cooperate, pending fulfillment of its demand for three key changes — a cap on the GST rate in the Constitution itself, removal of the proposed 1 per cent additional tax on inter-state movement of goods and setting up of a judicial panel to adjudicate disputes among states – by the government.