GST soon, no retro tax |
Promising easier business environment for global investors, Indian Prime Minister Narendra Modi 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, 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 , 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. And, anking will improve further because we have made a lot of administrative reforms.If someone plans to come to India after 10 years, he should be able to predict the tax structure. Prime Minister also said Saudi investors can look at petroleum, renewable energy, infrastructure and defence manufacturing as possible areas for investment.
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