India Inc seeks conducive tax environment, bold reforms

Tags: News
India Inc in its first meeting with Finance Minister Arun Jaitley today pitched for a conducive tax environment and bold statement of economic reforms in the forthcoming Budget with a view to revive investor sentiment and promote growth.

Participating in the customary pre-budget meeting, captains of Indian industry wanted Jaitley to address the vexed issued of retrospective tax amendment carried out by the UPA saying that it has adversely impacted the investments.

Seeking plethora of tax concessions to revive industry, India Inc urged the government to expedite roll out of Goods and Services Tax (GST) and implement the Direct Taxes Code (DTC).

"Government should make earnest efforts to move away from the aggressive revenue approach and provide a genuine non-adversarial and conducive tax environment," said Ficci President Sidharth Birla.

Talking to reporters after the meeting which lasted for over two hours, Jaitley said: "It was a constructive meeting with India Inc. They presented their wishlist."

CII president Ajay Shiram in his presentation pressed for an amendment of the Income tax act which would promulgate the reversal of retrospective amendment and make all taxation prospective.

"A simple, transparent and non-adversarial tax regime bereft of complexities and ambiguities would go a long way to strengthen business sentiment and restore faith of the foreign investor in the India growth story," Shiram said.

Among others the meeting was attended by Assocham President Rana Kapoor, PHD President Sharad Jaipuria, Bharti Enterprises Chairman Sunil Mittal, Biocon Chief Kiran Mazumdar-Shaw, Essar Group Shashi Ruia, Suzlon Group Chairman Tulsi Tanti and Videocon Group chief V N Dhoot.

EDITORIAL OF THE DAY

  • The government must only sell PSU stocks that are in demand

    The government’s move to change the methodology of selecting merchant bankers for divesting stake in various public sector undertakings would save d

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

Sarthak Raychaudhuri

vice-president, HR, Asia South Whirlpool of India

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

TODAY'S COLUMNS

BK Chaturvedi

Delhi and its democratic core

In the last one month, questions have been raised about ...

Kuruvilla Pandikattu SJ

Moral basis for collective living

Laudato si (Praise Be to You”) the second circular letter ...

Dharmendra Khandal

Have you spotted those wasps, yet?

Wasps are insects that ride on the monsoon winds. I ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture