Riyadh, April 3 (IANS) Assuring Saudi and Indian business leaders that his government is working to set up a predictable long-term taxation regime, Prime Minister Narendra Modi on Sunday said the long-awaited Goods and Services Tax (GST) would soon be implemented in India. "Don't worry...GST will happen, it will be a reality soon," Modi said, addressing the gathering at Saudi Arabia's Chamber of Commerce here. "Retrospective tax is a matter of the past. My government will continue to work towards establishment of a predictable long-term taxation regime," he added in a reference to recent disputes involving Indian tax authorities and multinationals like Cairn and Vodafone. The Goods and Services Tax (GST) Bill, to implement a pan-India tax for a complete overhaul of the extant indirect tax regime, has been approved by the Lok Sabha. It is currently stalled in the Rajya Sabha, where the ruling Bharatiya Janata Party-led National Democratic Alliance (NDA) doesn't enjoy a majority. The government hopes the next biennial elections in the Rajya Sabha will give it enough seats in the upper house to pass the GST Bill.
