Government hopes to roll out a new goods and services tax (GST) in 2016, Prime Minister Narendra Modi said on Tuesday in a speech to Indian and German businesses at the Indo-German Summit in Bangalore.
Prime Minister Narendra Modi on Tuesday said the government hopes to to roll out the Goods and Service Tax (GST) next year. He said this While addressing the Indo-German Summit in Bangalore on Tuesday where he shared the dias with German Chancellor Angela Merkel.
“We have introduced the GST Bill in Parliament; we are hopeful to roll it out in 2016,” Modi said.
GST, which is currently blocked in Parliament, was among the range of business-friendly measures highlighted by Modi in his speech.
Modi said that India is a “bright spot” in global economic slowdown and assured foreign investors of favourable business conditions, including strong intellectual property rights protection.
Renewing government’s commitment to creating favourable conditions for business and industry, Modi said: “Never before is India so well prepared to absorb talent, technology and investment from outside.”
At the Summit attended by the who’s is who of the India Inc, particularly the IT sector, Modi also said India is committed to protecting Intellectual Property Rights of all innovators and entrepreneurs.
A comprehensive National IPR Policy is being finalised, he said, adding that it will be “progressive and forward looking”.
“Such a huge potential for creation and production will not be available in any one country,” the Prime Minister said as he spoke of the slew of steps taken by the government to ensure ease of doing business.
Modi said across the board the validity period of Industrial Licences had been increased and regulatory clearances including security and environmental expedited.
“We have taken very decisive steps to remove a number of long pending concerns of investors,” he said.
Here are highlights from PM Modi’s speech:
– Comprehensive national IPR policy being finalised; will be progressive and forward looking: PM
– India sailing in the right direction but cannot be complacent; we are committed to creating favourable conditions for business
-Never before was India so well prepared to absorb talent, technology & investment from outside
-FDI inflows have gone up by 40 per cent this fiscal year
-Such a huge potential for creation and production will not be available in any one country
-We have introduced the GST Bill in parliament; we are hopeful to roll it out in 2016
-We are on the path of making India a global manufacturing hub
-We have expedited regulatory clearances including security and environmental clearance
-We have taken very decisive steps to remove a number of long pending concerns of investors
-We have fast tracked approvals and clearances for industry and infrastructure
-We are committed to creating favourable conditions for business and industry
-At a time of global slowdown, India represents a bright spot for investments
With agency inputs