Finance Minister Arun Jaitley today said the government will resolve over the next few days many of the outstanding tax disputes through judicial or executive resolutions. Jaitley said while a number of tax disputes have been “put to rest” since the BJP government took office in May last year, others are being resolved now.
“Now, a number of them have been put to rest and we are trying over the next few days itself so that many others can be put to sleep either by a judicial resolution or an executive resolution,” he said while addressing the India Economic Convention in New Delhi.
He, however, did not elaborate on the disputes or the resolutions being worked out.
Stating that the system of allocation of natural resources has been rationalised and the controversies put to rest, Jaitley said there are many other reforms in the pipeline.
While the GST reform is stuck because of political reasons, the government is trying to put on track a bankruptcy code, dispute resolution in major contracts, expeditious arbitration procedures and a public procurement law, he said.
- Credit growth to witness further improvement after capital infusion, says Arun Jaitley
- Bulk of NPAs arose out bank loans before April 2014: Arun Jaitley
- Strengthening PSU banks most important agenda for next year: FM Arun Jaitley
- Insolvency code being changed to stop wilful defaulters from bidding for stressed assets
- Demonetisation moral and ethical move, 'organised loot' happened under UPA: Arun Jaitley
- Arun Jaitley: We’ll ‘put to sleep’ tax issues, more reforms in the pipeline
“In a situation where there is turmoil almost by the day as far as global markets are concerned, we are trying to make the fundamentals of our own economy strong so our ability to resist these changes can substantially improve,” he said.
The Finance Minister impressed upon the need to attract more investments for the manufacturing sector.
“Without investment, there is going to be no additional economic activity,” he said, terming improving ease of doing business and resolution of tax disputes as “work in progress”.