PM Modi is addressing at the business leaders meets in Riyadh, Saudi Arabia | GST Will Be Passed, RIYADH: Promising easier business environment for global investors, Prime Minister Narendra Modi today said retrospective taxation has been relegated to history, but he is “not able to do anything” on two pending cases from the previous government as “they are sub-judice”.
Inviting Saudi businesses to come and invest in India in sectors like railways, defence and energy, Prime Minister Modi also said a common indirect taxation regime in form of GST (Goods and Services Tax) was “about to happen”. He, however, refrained from giving any specific timeframe.
Addressing Saudi CEOs and Indian business leaders in Riyadh, Prime Minister Modi said his government has opened up various sectors to foreign investment and India stands out as a “beacon of hope” amidst global economic slowdown.
“World Bank has upgraded India by 12 ranks in Ease of Doing Business. I expect in the next review, our ranking will improve further because we have made a lot of administrative reforms.
“You are worried about GST. Do not worry about GST. GST will happen. I cannot give a timeframe, but it will happen. It was our commitment, and it is about to happen,” Prime Minister Modi said.
source : http://www.ndtv.com/india-news/gst-will-be-passed-pm-modi-tells-top-business-leaders-in-riyadh-1322298,