NEW DELHI:Reiterating the significance of two crucial bills, Finance Minister Arun Jaitley on Sunday said while GST will ease taxation issues for traders, the Land Acquisition Bill will create jobs and eliminate poverty.
“The latest data suggest that the investment cycle is slowly turning around and stalled projects are being unblocked at a faster pace. Passing the GST and reforming the land law will accelerate this investment turnaround,” Jaitley said.
Jaitley’s appeal for passage of the GST and Land acquisition bills on social networking site Facebook come ahead of the monsoon session of Parliament set to begin on July 21.
“...The government is creating the conditions for greater private investment: implementing the GST and creating a common market, reforming the land law, easing the costs of doing business, and unblocking stalled projects are all measures that will improve the conditions for investment,” he said.
While the Goods and Services Tax Bill is being scrutinised by a select committee of the Rajya Sabha, the Land Acquisition bill is being discussed by the joint committee of Parliament.
Both the committees are expected to submit their reports during the next session. Allaying fears of trading community over ‘complexities’ of GST, he said the proposed taxation system will end the cobweb of various taxes and miseries being faced by traders.
It may be recalled that Confederation of All India Traders delegation led by National Secretary General Praveen Khandelwal on Saturday met Jaitley and put forth their reservations over the proposed GST and the complexities it present.
“The Finance Minister has assured that the proposed GST will be a simplified taxation system, which will eradicate miseries being faced by trading community in present taxation system.”
Jaitley also promised that the GST will end the cobweb of various taxes levied at different stages from production to distribution and will also bring an end to multiple authority taxation regime.
The proposed session also comes amid the ongoing controversy on Lalit Modi and involving two BJP ministers.