Outlining the economic road map of the Modi led government for its second year, Finance Minister Arun Jaitley, unveiled that reasonable taxation environment and improving the ease of doing business were among top priorities of his government going ahead. He also asserted that his government would strive hard to eliminate discretions and maintain the speed of reforms.
The government, which came to power in May last year plans to roll out a common goods and services tax (GST) by April 1, 2015, and bring down corporate tax rate to 25% from 30% over a period of four years. It also intends to eliminate the exemptions while reducing the rate of corporate tax, though these would be retained for the individual taxpayers.
Finance Minister also asserted that in order to boost private investments and improve execution of projects, the government’s effort would be to replace the practice of giving permissions and push pending legislations such as GST and land acquisition bill.