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Business News/ Politics / Policy/  Arun Jaitley expects GST to take effect next year
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Arun Jaitley expects GST to take effect next year

Jaitley plans to introduce next year, the new land acquisition policy, and a transparent way to allot coal mines

A file photo of finance minister Arun Jaitley. Photo: PTI Premium
A file photo of finance minister Arun Jaitley. Photo: PTI

Gandhinagar: Finance minister Arun Jaitley picked the unified tax his government plans to introduce next year, the new land acquisition policy, and a transparent way to allot coal mines as evidence of its orientations towards economic reforms, development, as well as the poor and those displaced by industrial projects.

Speaking at the Vibrant Gujarat summit, which he called one of the country’s foremost economic conclaves, Jaitley blamed the previous Congress-led United Progressive Alliance (UPA) government for stalling investments and projects.

That government’s adversarial tax regime scared away investors, he said, echoing a sentiment expressed by many global investors after the tax department, under the previous government, went after firms such as Vodafone Group Plc and Shell with tax demands not exactly in keeping with then prevailing tax laws.

Jaitley added that the new company law introduced by the UPA was “completely out of tune with the current requirements of business."

His government, he said, would change corporate laws and the tax regime.

The policies the Bharatiya Janata Party-led National Democratic Alliance has announced since coming to power in May 2014 are more progressive, Jaitley explained. “Our initiatives to amend land laws will not only help development but also the farmers," he said. “We have introduced reverse auction where if you buy cheaper coal for generating electricity then you have to provide electricity to consumers at a cheaper rate. This will transfer the benefits to the poor."

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Published: 12 Jan 2015, 12:15 PM IST
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