Modi : GST will be reality soon

"You are worried about GST. Do not worry about GST. GST will happen. I cannot give a timeframe, but it will happen. It was our commitment, and it is about to happen," Modi said. Inviting Saudi businesses to come and invest in India Modi 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 here,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.I expect in the next review, our ranking will improve further because we have made a lot of administrative reforms. Prime Minister added the government is in favour of long-term stable and predictable policies and any retrospective amendment to tax laws is a thing of past. "There are two cases of the previous government, but they are sub- judice matter, so I am not able to do anything... Now, retrospective tax in India has become a thing of past. It will not happen going ahead," Modi said. Modi said with huge growth potential and evolving global relations, India should have a predictable taxation system. Inviting investments in petroleum sector, Modi said investors can partner India in energy sector as the country offers "transparent" policies. He said in one year, India has already achieved 5,500 MW of renewable energy production. "When I first time said 175 GW renewable energy people were surprised.... And I am confident that we will do it within the time period. I want investment in solar equipment manufacturing and we are ready to produce 175 GW renewable energy, which will be a strange thing for the world," Modi said.

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