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Last Updated : Mar 05, 2015 05:26 PM IST | Source: PTI

India needed an enabling tax policy to revive growth: FM

GST is expected to play a transformative role in the way economy functions and it will add buoyancy to growth by developing a common Indian market and reducing cascading effect on the cost of goods and services.


Arun Jaitley had said that India needed an enabling tax policy to revive growth and investment to ensure that more jobs were created for youth and he would try to get GST passed in the current session of Parliament.


"The first move will have to be that the Empowered Committee (of State Finance Ministers) decide on its chairman because the previous chairman (Abdul Rahim Rather) is no longer the minister," he had said.


Thereafter, Jaitley had said: "We will certainly have a meeting with the Empowered Committee and try to pass the Constitutional Amendment bill in this session of Parliament itself".


GST is expected to play a transformative role in the way economy functions and it will add buoyancy to growth by developing a common Indian market and reducing cascading effect on the cost of goods and services.

Touted as the single-biggest indirect taxation reform since independence and a "win-win" for Centre and states, the 122nd Constitution Amendment Bill for GST was tabled in the Winter Session of Parliament after extensive discussions to get states on board by addressing their concerns.

First Published on Mar 5, 2015 05:26 pm
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