Govt soon to phase out list of tax exemptions, says Jaitley
Updated: Sep 09, 2015 04:55:14pm
New Delhi, Sept 9 (KNN) Government will soon come out with a list of corporate tax exemptions it intends to do away with in the coming years, Union Finance Minister Arun Jaitley said today.
"In the next few days, we will be coming out with the exemptions we intend to phase out over the next two, three years," he was addressing at ‘India Summit 2015’ organised by UK-based Economist magazine.
“Therefore slowly we will bring taxation levels to global standards and make taxation assessment and return simpler by just eliminating a lot of exemptions,” he added.
During in Budget Speech earlier this year, Jaitley had announced that the government would gradually cut corporate tax by five percent during the next four years from 30 percent and roll back various tax exemptions.
The minister also said measures to protect domestic steel sector from dumping by overseas manufacturers are being examined.
Stating that every tax demand cannot be termed as tax terrorism, he said, the government will not relent on pursuing black money in India or abroad.
"Nobody is happy to make large amount of taxes and therefore every tax demand is not tax terrorism. Most tax demands are legitimate. Out of about 3.5 crore people only 2 lakh accept these scrutinising reports. This new system that they (revenue department) are following is not coercive," Jaitley added. (KNN Bureau)
"In the next few days, we will be coming out with the exemptions we intend to phase out over the next two, three years," he was addressing at ‘India Summit 2015’ organised by UK-based Economist magazine.
“Therefore slowly we will bring taxation levels to global standards and make taxation assessment and return simpler by just eliminating a lot of exemptions,” he added.
During in Budget Speech earlier this year, Jaitley had announced that the government would gradually cut corporate tax by five percent during the next four years from 30 percent and roll back various tax exemptions.
The minister also said measures to protect domestic steel sector from dumping by overseas manufacturers are being examined.
Stating that every tax demand cannot be termed as tax terrorism, he said, the government will not relent on pursuing black money in India or abroad.
"Nobody is happy to make large amount of taxes and therefore every tax demand is not tax terrorism. Most tax demands are legitimate. Out of about 3.5 crore people only 2 lakh accept these scrutinising reports. This new system that they (revenue department) are following is not coercive," Jaitley added. (KNN Bureau)
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