The Finance Ministry has assured worried investors saying their concerns on Tax Residency Certificate -TRC – for claiming benefits of double tax avoidance agreements will be addressed suitably during a discussion on Finance Bill in Parliament.

In a statement the ministry said, concerns are being expressed that the provision regarding the TRC in the Finance Bill would make it difficult for investors routing their funds from low-tax countries like Mauritius, Cyprus and Singapore to avail the benefits. It says, Finance Minster Chidambaram will clarify the government's position during debate on the Finance Bill.

Meanwhile, Chidambaram has hoped the Insurance and Pension Bills will be passed in the current budget session of parliament. Participating in an interview over Doordarshan, he said he expects the support of the Opposition to the passage of the two bills that will pave the way for the setting up of separate Regulatory Authorities in the two sectors.

The Finance Minister said the Goods and Services Tax (GST) rollout will take more time. He hoped the Empowered Committee of State Finance Ministers will conclude negotiations by May or June and the related Constitution Amendment Bill could be tabled as early as the monsoon session of parliament.

Discusssing the budget proposals the Finance Minister said, expecting revenues to grow by 19 percent next fiscal is a reasonably achievable target considering that revenue growth would touch 16.7 percent in the current fiscal. Chidambaram hoped expenditures would also be curtailed.