Govt promises stable tax regime for investors: Law Minister

Tags: News
Seeking to assure global investors of a stable taxation regime, Law Minister Ravi Shankar Prasad today said retrospective tax should be generally avoided as the country needs foreign investment to boost the economy.

"The larger view is that retrospectivity is avoided to the maximum. The fiscal regime, the policy regime, taxation regime must be very evident because India needs investment," he told reporters after taking charge of the ministry.

Amendment to Income-tax Act with retrospective effect by the UPA government caused uncertainty among global investors and India was even slapped with an arbitration notice in a Rs 20,000 crore tax case by British telecom major Vodafone.

On the Vodafone notice, Prasad said: "We will look into it. Our manifesto has been very specific that we want a stable regime where those who invest in India may not have to face uncertainty."

The goal of the government, he said, is that those who invest in India must have the assurance of a stable fiscal policy and also legal regime under which they are investing.

He further said that "any wrong doing or corruption or extraneous considerations shall be visited very seriously".

The new minister assured investors that the NDA regime would be "fair, non-discriminatory, transparent and stable".

EDITORIAL OF THE DAY

  • Common test will safeguard sanctity and bring accountability to medical profession

    Recalling its order of 2013, the Supreme Court paved the way for the all-India common entrance test, the national eligibility-cum-entrance test (NEET)

FC NEWSLETTER

Stay informed on our latest news!

TODAY'S COLUMNS

Amita Sharma

Political rhetoric makes for counter poetry

Poetic flourishes flavour politics. Ghalib and Hafez flowed profusely to ...

Zehra Naqvi

Watch your words, for they can kill

You must’ve heard the ph­rase ‘if looks could kill’. Ever ...

Dharmendra Khandal

Biodiversity day has come and gone. Yet again

Every year on May 22, world celebrates international biodiversity day. ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture