Budget has brought clarity in tax policies: FinMin

Tags: News
Government today said the Budget 2014-15 has brought about clarity in tax policies and it will walk the difficult path to bring growth impulses back into the economy amidst fiscal constraints.

"Both on direct and indirect tax side, the main focus of the government was to revive growth, to revive manufacturing sector, to take steps that will result in creation of jobs, go in for tax rationalisation, reduce tax litigations and ambiguity in policies," Revenue Secretary Shaktikanta Das said.

At the post-budget interaction with industry chamber Ficci, Das said the Budget has sought to bring in greater clarity in taxation policy.

In his maiden Budget presented in Parliament on July 10, Finance Minister Arun Jaitley has tried to provide relief to the middle class by increasing tax exemption limit by Rs 50,000 to Rs 2.50 lakh. It also hiked deduction limit for investments in financial instruments under 80C by Rs 50,000 to Rs 1.50 lakh.

The Budget contains several proposals to boost the manufacturing sector apart from assurance that government will not "ordinarily" bring about any change retrospectively which creates a fresh "liability" or tax demand

Finance Secretary Arvind Mayaram, who along with other secretaries of the Finance Ministry was interacting with industry leaders, said government was open to discussing ideas with them and addressing their concerns.

"My own perspective is that this is a growth oriented Budget. It will bring the growth impulses back into the economy...We will have to move a very difficult path ahead, but there is a determination that the government would walk that path," Mayaram said.

India's economic growth slumped to sub 5 per cent in the past two fiscals leading slowdown in revenue generation and high fiscal deficit.

The government has pledged to bring the fiscal deficit down to 4.1 per cent of GDP in the current fiscal from 4.5 per cent in the last year.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

EDITORIAL OF THE DAY

  • Sanskrit does not compare with German in the job market

    While there can be no argument that the importance of Sanskrit as an all-India language needs to be emphasised, particularly for the young generation

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

Chander Mohan Sethi

CMD, Reckitt Benckiser India

COLUMNIST

M S Swaminathan

Public good research in agriculture

Public good research in agriculture is designed to promote risk ...

Purnendu Ghosh

Why we must know the rules of the game

We like to believe that people are good and we ...

Shona Adhikari

Pop art is truly a feast for the eyes

The internationally reknowned Bruno Art Group’s presence in India had ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture