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Finance Minister Arun Jaitley changing tax laws: Top 5 points to note

Thu January 21 2016, 6:50 pm
  • Arun jaitley, finance minister, finance ministry, World economic forum, goods and service tax, gst bill, ease of business, economics growth, india gdp

    With tax laws in India creating much cofusion and frustration, Finance Minister Arun Jaitley on Thursday clarified how the government is moving to ameliorate the situation so that problems can be minimised - he was addressing an international meet in Singapore on 'Doing Business Across Asia: Legal Convergence In An Asian Century'. Here are top 5 things he said: (AP)

  • Arun jaitley, finance minister, finance ministry, World economic forum, goods and service tax, gst bill, ease of business, economics growth, india gdp

    During the meeting the state Finance Ministers are likely to pitch for more funds, flexibility to spend money under centrally sponsored schemes and greater transparency and non discretionary allocation of funds.(PTI)

  • Arun jaitley, finance minister, finance ministry, World economic forum, goods and service tax, gst bill, ease of business, economics growth, india gdp

    2. Arun Jaitley said, "One major step needed to increase the ease of doing business is to reduce inter-state variation and the barriers to inter-state trade." (PTI)

  • Arun jaitley, finance minister, finance ministry, World economic forum, goods and service tax, gst bill, ease of business, economics growth, india gdp

    3. Arun Jaitley said, "The proposed Goods and Services Tax (GST) is a major step in this direction. There will be uniformity in taxation rates, there will be much greater compliance and obviously certainty. It's going to help India's GDP." (PTI)

  • Arun jaitley, finance minister, finance ministry, World economic forum, goods and service tax, gst bill, ease of business, economics growth, india gdp

    4. Arun Jaitley averred, "If India despite its massive population and unparalleled diversity has remained strong and united political and economic unit, it is partly because of the freedom given to states to be diverse in their laws and regulations. Some degree of divergence in practice also allows for experimenting with multiple models. (PTI)

  • Arun jaitley, finance minister, finance ministry, World economic forum, goods and service tax, gst bill, ease of business, economics growth, india gdp

    5. Arun Jaitley added, "The fact is that businesses need a level of tolerance for diversity of laws if they are to exploit the opportunities that come from geographical diversification," he added.(PTI)

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