GST Bill to stabilise tax rates, says Finance Minister Arun Jaitley

Terming April 1, a very stiff target, Finance Minister Arun Jaitley on Wednesday said the government is "running against time" for the implementation of GST, but added that he would certainly like to give it a try.

The Centre is aiming to implement the landmark indirect tax regime, Goods and Services Tax, from April next year.

"We have kept a very stiff target and the reason is that there is a great national aspiration in support of a reform that GST is, and state after state within a period of 20-25 days have kept on ratifying it because they stand to benefit the most," Jaitley said here at the Economist India Summit.

He termed GST as a transformational step, claimed that it will stabilise tax rates and probably bring them down.

"GST is a transformational step, it will stabilise tax rates and probably bring them down," said Finance Minister Arun Jaitley at Economist India Summit.

Key Highlights:

# GST a long-standing reform in indirect taxation, says Finance Minister Arun Jaitley

# It will stabilise tax rates and even bring them down.

# National aspiration in support of GST reform, we have set stiff target to implement it

# Have set a stiff target, running against time to implement GST.

# Reforms may have delayed but never abandoned.

# India's growth rate is far below our potential, admits Finance Minister.