Riyadh: Promising easier business environment for global investors, Prime Minister Narendra Modi on Sunday said retrospective taxation has been relegated to history, but he is "not able to do anything" on two pending cases from the previous government as "they are sub-judice".
Inviting Saudi businesses to come and invest in India in sectors like railways, defence and energy, Modi also said a common indirect taxation regime in form of GST (Goods and Services Tax) was "about to happen". He, however, refrained from giving any specific time frame.
Addressing Saudi CEOs and Indian business leaders here, Modi said his government has opened up various sectors to foreign investment and India stands out as a "beacon of hope" amidst global economic slowdown.
"World Bank has upgraded India by 12 ranks in Ease of Doing Business. I expect in the next review, our ranking will improve further because we have made a lot of administrative reforms.
"You are worried about GST. Do not worry about GST. GST will happen. I cannot give a timeframe, but it will happen. It was our commitment, and it is about to happen," Modi said. Prime Minister added the government is in favour of long-term stable and predictable policies and any retrospective amendment to tax laws is a thing of past.
"There are two cases of the previous government, but they are sub-judice matter, so I am not able to do anything... Now, retrospective tax in India has become a thing of past. It will not happen going ahead," Modi said.
Although Prime Minister did not specifically name the pending cases, the major retrospective tax disputes include those involving Vodafone and Cairn.
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