The Lok Sabha today passed the Finance Bill, 2014-15 with Finance Minister Arun Jaitley asserting that the approach of the government will be to resolve tax related disputes and end arbitrariness. He also said that NDA government is not a high tax government and it will not impose taxes retrospectively. He was replying to the discussion on the Finance Bill.

Referring to the black money stashed abroad, he said, there is no need to wait for long as the government has already initiated measures, including the setting up of a Special Investigation Team, to bring it back. He said the government is in touch with the French government to get more information about Indian deposits. He said the government will also cooperate with the Supreme Court in sharing the information about black money.

The Finance Minister said that he had held two meetings with the state governments on the implementation of Goods and Services Tax (GST) regime. He assured that the legislation in this regard will be brought within this year. He said, GST will help GDP growth, benefiting both the Centre and the states. He said the Indian economy is doing well and capital markets have already reached a record height.

The Finance Minister underlined the need for expanding the economic activity and said there is a need to fight the slowdown. He said the budgetary proposals are aimed at providing a road map to strengthen the country’s economy.