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		Finance Minister Arun Jaitley in his maiden Budget speech said all fresh cases arising out of the retrospective amendments of 2012 will be scrutinised by a high-level committee before any action is initiated in such cases.&nbsp;</div>
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		He, however, didn&rsquo;t drop retrospective taxation affecting cases like Vodafone. &nbsp;</div>
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		Jaitley said though the government&rsquo;s right to introduce retrospective amendments in the law was unquestionable, he would not ordinarily bring any changes retrospectively that led to a fresh liability.</div>
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		&ldquo;The government is committed to provide a stable and predictable taxation regime that would be investor friendly and spur growth,&rdquo; he assured while reading his speech in the Lok Sabha.</div>
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		The finance minister said that the government would like to introduce Goods and Services Tax (GST) to streamline the tax administration, avoid harassment of business and ensure higher revenue collection. On Direct Tax Code (DTC), he said the government would consider the comments received from stakeholders. It will review the DTC in its present shape and take a view in the whole matter.</div>
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		Budget 2014-15 has also proposed certain legislative and administrative changes with a view to reduce litigation in direct taxes. Resident tax payers can now obtain an advance ruling in respect of their income tax liability above a defined threshold. It proposed to strengthen the Authority for Advance Rulings by constituting additional benches. The scope of Income Tax Settlement Commission will be enlarged.</div>
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		Jaitley proposed to set up a high level committee to interact with trade and industry on a regular basis and ascertain areas where clarity in tax laws is required. He has also proposed certain changes in the transfer pricing regulations.</div>
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		The finance minister said the tax to GDP ratio must be improved. To boost domestic manufacturing and to address the issue of inverted duties, the Budget reduced basic customs duty on certain items. To broaden the tax base in service tax, the negative list for taxation of services will be pruned.</div>
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		The Finance Minister said that the tax proposals on the indirect taxes side are estimated to yield Rs 7,525 crore during 2014-15. Direct tax proposals, where income tax exemption limit has been raised to provide relief to the common man, will lead to a net loss of Rs 22,200 crore. He retained the targets of tax collection at the level of the interim budget presented in February.&nbsp;</div>
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He said said all fresh cases arising out of the 2012 amendment of I-T Act will be looked into by a high level CBDT committee

FM retains retro tax, but says panel will scrutinise cases

Says tax to GDP ratio must be improved, will try to bring in GST

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