You are here: Home » Economy & Policy » News
Business Standard

FM for tax reforms, quick decisions to ensure stability

Finance Minister said the fiscal deficit target of 4.1% of the GDP for the current fiscal would be met

Press Trust of India  |  New Delhi 

Arun Jaitley
  • ALSO READ

    Letters: FM's direct approach

    Easing worries on appeal rules

Ahead of the Budget, Finance Minister Arun Jaitley (pictured) on Tuesday underlined the need for tax reforms and quick decision-making to ensure stability in policy regime.

The minister also asked the Central Board of Excise and Customs (CBEC) officials to maintain a certain level of civility with assessees but to take to task evaders and avoiders.

“There is a need for change both in attitude and mindset towards investors' and assessees. We need to have a non-adversarial tax administration which is both investors' and assessees’ friendly," he said.

The finance minister said the rupee was among the two global currencies which withstood the might of the dollar in recent times.

"There is a huge amount of interest and curiosity. Along with this there were two concerns... our decision making being slow, our lack of policy stability,” he said.

"The second major concern has been globally expressed at all forums... principal concern that (was) repeatedly expressed is the strapped structure of India and its administration (perceived being) highly adversarial.

"Both the Prime Minister and I were at pains to explain that we want an investor-friendly tax administration and we are all working on this," he said.

He pointed out that this concern was also raised at the meeting of CEOs with Prime Minister Narendra Modi and US President Barack Obama on Monday.

He asked the custom officers to safeguard borders by curbing unlawful economic activities.

Speaking on the occasion, Jayant Sinha, Minister of State of Finance, said that there is need for more transparency in tax administration and need to build data base for authentic and valid information. There is need for coordination among different agencies to avoid delay, he said, adding this could be by having less paper work and documents to be filed, among others, for efficient delivery of services.

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Wed, January 28 2015. 00:49 IST
RECOMMENDED FOR YOU
.