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PM Narendra Modi says hopeful of rolling out GST in 2016

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.

narendra modi angela merkel

PM Narendra Modi and German Chancellor Angela Merkel are speaking at the Indo-German Summit in Bangalore

Government hopes to roll out a new goods and services tax (GST) in 2016, Prime Minister Narendra Modi said on Tuesday while addressing Indian and German businesses at the Indo-German Summit in Bangalore.
GST, which is currently blocked in Parliament, was among the range of business-friendly measures highlighted by Modi in his speech in Bangalore, during a visit by German Chancellor Angela Merkel.
Modi also said his government was speeding up regulatory clearances, reducing licensing requirements in the defence sector and making tax policy more consistent.
“We have articulated very clearly that we will not resort to retrospective taxation,” Modi 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


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