Issues of dual control, cross-empowerment in GST will get resolved soon: Jaitley

Gandhinagar, Jan 11 (KNN) Addressing at the Vibrant Gujarat Summit, Union Finance Minister Arun Jaitley today said that he hoped that the critical issues of dual control and cross-empowerment in the Goods and Services Tax (GST) will get resolved over the next few weeks.

"GST Council is deliberative democracy in action. Most of the issues have been sorted. Some critical issues remain and I hope... they will be sorted out," Jaitley said.

The conference on 'GST: The Game Changer for Indian Economy' was organised today as a part of the ongoing Vibrant Gujarat Global Summit 2017.

"When GST merges all the taxes and makes India into one entity, it's an advantage to the assessee as there will be no cascading effect of tax and will lead to larger revenues for states," he added.

The next meeting of the GST Council is scheduled to be held on January 16, 2017.

Once GST is rolled out Indian economy will be cleaner, stronger, Jaitley said.

Referring to demonetization, Jaitley stressed for bold reforms to transform economy.

"Excessive paper currency has its own vices and leads to its own temptations. After transient impact, demonetisation will lead to cleaner and larger GDP," he said.

"Most of the issues have been resolved, few critical issues are left which I hope that will be resolved in the next few weeks," Jaitley said while adding, "This summit has become the foremost economic conclave of India. With each summit the vibrancy of this conference has increased."

"Gujarat is ready for GST and has made all the required preparations. Once GST is implemented, a combination of a more digitized economy with a more efficient tax system will make India better," he said.