In a bid to induce confidence into the industrial sector, Finance Minister Arun Jaitley on Wednesday claimed that the fear of retrospective tax is no more there and stated that merely 2-3 issues are remaining and that too due to legal hurdles.
Speaking at the World Economic Forum (WEF) India summit, which has 250 stakeholders and leaders, including Union Ministers in attendance, Jaitley said also hoped that the Goods and Services Tax Bill will come into force soon. "Obstruction to GST can't be indefinite. Expect GST to become a reality soon. Reforms being obstructed politically," he said.
He also reiterated that the response of states to the GST has been very positive. "Confidence in Indian economy has a reasonable sense of satisfaction over the pace of reforms. GST is only a question of time; when it's put to vote, we will be able to pass it," Jaitley asserted.
Lashing out at the previous United Progressive Alliance government at the Centre, Jaitley said that the government inherited a tax system that "became a drag of economy."
He also stated that the government will look forward "to explore possibility of consensus in the upcoming session" on the controversial Land Ordinance Bill which is pending with the Select Committee.