GST about to happen; retro tax thing of past, says Modi

GST about to happen; retro tax thing of past, says Modi

GST about to happen; retro tax thing of past, says Modi

Wooing investors with promise of an easier business environment and stable tax regime, Prime Minister Narendra Modi on Sunday said retrospective taxation has been made a thing of the past but he is “not able to do anything” on two cases inherited from the previous government as they are “sub judice”.

Inviting Saudi businesses to come and invest in India’s defence, energy, railway, health and agriculture sectors, Modi also said that a common indirect taxation regime in form of GST was “about to happen”. He, however, refrained from giving any specific timeframe.

Addressing Saudi and Indian business leaders on the last day of his two-day visit to Saudi Arabia, Modi said his government has opened up many sectors to foreign investment and India stands out as a “beacon of hope” amidst global economic slowdown.

“Today, the world is facing a very deep economic crisis and in this situation, India is a beacon of hope. Whether it is World Bank, IMF or credit rating agencies, all of them consider India one of the fastest growing economies,” he said.

To a question on retrospective tax, Modi said it will never be brought back again. He said two cases were ‘sub  judice’ and it would not be proper for him to comment further.
Woman power

Modi also interacted with Saudi women IT professionals at the first-of-its-kind all-women TCS training centre here, and invited them to come to India. “For the world it is considered to be a main headline news that in Riyadh today I am meeting those IT professionals who I can say today represent the glory of Saudi Arabia,” Modi said, while interacting with TCS centre’s women professionals.

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