Despite “attempts to derail” the recently introduced Goods and Services Tax (GST), the states are adopting the new regime at a fast pace, Finance Minister Arun Jaitley has said. Jaitley was responding to a question on the biggest challenges for GST during a conversation with Dan Schulman, president and CEO of Paypal and Chandrajit Banerjee of the Confederation of Indian Industry (CII).
At the event jointly organised by CII and US India Business Council (USIBC) in New York, Jaitley said global integration of Indian economy is happening at a time when other economies are becoming more protectionist. Asserting that India is now a better place to do business with because of the series of steps being taken by the government in the last three years, Jaitley said procedures have been simplified.
Now as much as 95 per cent of the investments are through automatic route, and foreign investment promotion board has been abolished, he noted. Today, 99 per cent of tax queries are addressed online, he said.
Now States are being ranked on ease of doing business, he told the audience here. India is now capable of taking big decisions and implementing them at a large-scale, the union finance minister said.
As many as 250 highways projects are under construction. India is now having surplus power and capacity of Indian ports have been expanded, he said. Responding to a question on digital pay...