Finance Minister Arun Jaitley has said that passing the Goods and Services Tax, GST bill is just a question of time. Speaking at the World Economic Forum, WEF India summit in New Delhi today, Mr Jaitley said that obstruction to GST cannot be indefinite and it will be a reality soon. He said that the response of states to the GST has been very positive and confidence in Indian economy has a reasonable sense of satisfaction over the pace of reforms. Mr Jaitley said that the government inherited a tax system that had become a drag on the economy and now reforms are being obstructed politically. <br/><br/>The Minister added that the government has removed the fear of adversarial tax regime and the domestic taxation process has been made simpler. He said, first tranche of corporate tax reduction will be made when the next Finance Bill comes. <br/><br/>Mr Jaitley said that fear of retro tax is gone now and two to three issues remain because of legal hurdles. Answering a query on US Fed rate hike, the Minister said, the hike may lead to turmoil but the Government's strategy is to strengthen economy so that impact is transient and temporary.<br/><br/>Mr Jaitley said the government will introduce a bankruptcy legislation in the next session of Parliament. Lack of a bankruptcy law has often been cited as one of the major problem areas for India in its bid to become an attractive business destination. He said, Government is addressing issues related to stressed sectors. <br/><br/>The Committee constituted by the government to give its recommendations on the bankruptcy law submitted its report to the Finance Minister today. The report will be put in public domain for suggestions by stakeholders.