The Union Finance Minister Arun Jaitley is confident of passing the Goods and Services Tax (GST) Bill in the upcoming Parliamentary session. The minister said that it is difficult to withdraw any tax till government's books are balanced, leaving wide scope to speculate Union Budget 2015 may give tax sops a miss.
In an intercation with CNBC on the sidelines of World Economic Forum in Davos, Switzerland, FM Jaitley said many experts are critical of the new Indian government’s fast pace of taking decisions.
Jaitley said India is back in the reckoning at the global centre-stage and the huge build-up in positive sentiments among investors should soon start converting into real investment flows on the ground.
On bilateral relations, Jaitley said India's equation with the US has fairly stabilised and even if there is a difference it is not a big concern. Putting the ball on US' court Jaitley said the world's largest economy needs greater understanding of regional issues.
Since Modi government’s efforts to bring inflation under control has yielded results, there is hope Jaitley will be able to meet the fiscal deficit target of sub-3 percent in two years.
He further said that the elimination of subsidies is neither possible nor desirable. The government needs to rationalise subsidies, he added.
The ministry will also be focusing on families that are not entitled to LPG subsidies. Currently, around 150 million families are getting LPG subsidies in the country.