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Assured foreign investors retro tax to be resolved: Jaitley

Jaitley said the adversarial tax regime in India had scared investors away and none of the past issues had fetched any revenues for the country either

Reiterating the government’s pledge to make the tax regime more business friendly, Finance Minister Arun Jaitley said foreign investors have been assured of the retrospective tax issue being rectified soon.

He was addressing companies and investors at the Vibrant Gujarat Global Summit on Monday.

Jaitley said the adversarial tax regime in India had scared investors away and none of the past issues had fetched any revenues for the country either.

He said the government was creating mechanisms in revenue department to simplify tax administration.

He said clearing the mess in the coal and power sector was high on the government’s priority and that auction of coal blocks would begin soon. He said the blocks would be auctioned via reverse bidding to ensure there was price stability. Also, the government would ensure there was no rigging in the bidding process.

Jaitley expects the pace of economic growth to pick up in the coming days.

He said the government will focus on building on the interest that investors have been showing ion India.

Jaitley expects GST to become a reality by next fiscal and said many states have been co-operating.

He said there will be significant reforms in the banking sector in the coming years.

On the issue of non performing assets, he said the government did not want to come in between banks and borrowers. He said there were a few cases of indiscretion, but most cases relating to bad loans were a result of the slowing economy.

Jaitley said diesel pricing has already been linked to market rates and the next set of subsidy reforms would be done after the export management commission came out with its report.

He said the first smart city to be created would be Chandigarh.

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