"On the GST... We are hopeful, we remain hopeful", Minister of State for Finance Jayant Sinha said while addressing the annual session of PHD Chamber of Commerce. Hopefully, the GST will be implemented soon, he added.
Talking about India's fiscal architecture, Sinha said, "When the GST is implemented, it will be the most revolutionary transformation of taxes in India since independence. That's how a big game changer it is".
PM Modi had invited former Prime Minister Manmohan Singh and Congress President Sonia Gandhi for a tea at his residence yesterday where the discussions covered legislations pending before Parliament, particularly the Goods and Services Tax (GST) Constitution Amendment Bill.
The government needs Parliament approval for the GST Bill in the ongoing Winter Session to roll out the new indirect tax regime, as planned, from April 1, 2016.
Sinha further said the government is trying to reform the tax system to make it more simple and predictable and a step towards that direction is bringing down corporate tax rate to 25 percent from the present 30 percent by phasing out exemptions.