"The GST is aimed at integrating the tax structure throughout India. The government has taken a series of reforms to improve the ease of doing business," Neeta Bhushan said.
Terming the current indirect tax structure in India as "fairly complicated", Jaitley assured there would be no cascading impact of tax on tax.
Increasing the indirect taxes makes consumption more and more costly and therefore has an inflationary effect, which makes the poor to suffer the most.
Imposition of higher custom duty can only be beneficial if the government decides to raise it significantly higher.
Vice-President of European Commission Jyrki Katainen said fight against tax dodgers will pay dividends and strengthen the financial system.
Industry associations seeking urgent meetings with govt, which has been promoting Make in India based on duty differential benefits, to resolve this issue.
As GST will subsume all state taxes, retention of the duty differential becomes key for Foxconn to survive, expand in India
In a representation to the government, the Internet industry body has rooted for the passage of the crucial Goods and Services Tax.
IAMAI said GST will bring in clarity in tax rules for online marketplaces and ease shipping of products by small and medium enterprises across states.
With tax experts praising the rates as moderate and generally lower-than-expected, it seems Modi might be able to roll out this reform without a rise in inflation.
"The current indirect tax structure in India is fairly complicated...those who transacted in either goods or services would have to deal with multiple authorities.
While the markets have already started to take note of the potential of a good monsoon and higher corporate earnings over the last few trading sessions, lack of demand.
The European country has already attracted Indian pharmaceutical companies such as Ranbaxy, Wockhardt and Reliance Life Sciences among others.
To help households create a portfolio for their long-term needs, it is recommended that the Budget should create a separate income tax limit.
In line with the expectation of the auto industry, the Government has extended the validity of the reduced excise duty rates on specified products.
Resolution of the underlying asset quality issues will take time depending on the fundamentals of various sectors such as metals and commodities, he said.
In September 2014, market regulator SEBI had notified norms for listing of new business trust structure REITs that would help attract more funds.
"India has a PM who has more vision than the western politicians. He takes drastic actions like note ban but gets positive feedback in the elections," Frank Appel said.
'Mr Jaitley kept making optimistic references to GST, and mentioned that it will play a transformative role in our economy. '
Destinations in the Asia Pacific region are going to see most increase in airfares at 10%, followed by Europe, Africa and Middle East at 7% hike.
The first and foremost expectation of the industry is that the excise duty cuts, as were announced by the erstwhile UPA Government in February 2014.
Japan's imaging major Nikon Corporation, which has been operating in India for more than two years now, is set to double its market share to 13 per cent in the country's compact camera segment.
The firm surveyed finance executives of leading corporate houses who vouched for the new unified tax, but they questioned the suitability of the dual structure, which seems to be the only practical alternative as of now.
It is the high tax structure in India that does not allow airlines to keep costs low and that has very much to do with the way the government sees taxing aviation.
Some of India’s top CEOs discussed the country’s business environment, the state of the economy and prospects for the future.
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