The Centre is working towards making a comprehensive Goods and Services Tax (GST) regime a reality by the end of the year, Revenue Secretary Shaktikanta Das said here on Monday.
Efforts are underway to resolve the contentious issues of entry tax on petroleum and tobacco and arrive at a consensus on compensation to States, Mr. Das said.
The clarification assumes significance as a major criticism of the Union budget that the Modi government presented in Parliament last week was its silence on a possible time line for the introduction of the GST.
Mr. Das was speaking at a post-budget interactive session, organised by the Confederation of Indian Industry (CII), here.
Addressing the concerns of industry on General Anti-Avoidance Rules (GAAR), the Revenue Secretary said they had already been deferred till 2015, and the government would be reviewing them during the course of the year.
Urging industry and the private sector to work with the government for taking the country to a high-growth trajectory, Mr. Das said the tax and other incentives in the budget 2014-15 had thrown open tremendous opportunities for growth and development. The steps the government has taken for injecting buoyancy include the lowering of slab limit for investment allowance, correcting inverted duty structure, tax pass through status to REITS and investment trusts among others would promote growth in the economy.
Special emphasisThe budget had also laid special emphasis on ensuring predictability, stability and transparency in tax regime to allay the concerns of investors, Mr. Das said.
