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Taxes not to be retrospectively imposed and taxation policy must be adversarial: Central Finance Minister, Arun Jaitley

Arun Jaitley Central Finance Minister

The policy for taxation should be ‘non-adversarial’ and there should not be imposed ‘retrospective taxes’, as per Mr. Arun Jaitley, the Finance Minister. For wooing Foreign Investment, the Business friendly environment was promised by Mr. Jaitley and further he made it clear that the imposition of taxes retrospectively should not be there and the policy of taxation must be ‘non-adversarial’. Further, he added that the structure of Corporate tax should be globally competitive and it is therefore, the reduction is proposed by the Government in the present years Budget i.e. from 30 to 25 per cent.

While addressing D. P. Kohli Memorial Lecture, Finance Minister, Mr. Jaitley said that the Political Consensus process should be Statesman-like and Mature and there should be quicker decision making. Further he said that the serious challenges are facing by Agriculture as well as Infrastructure sectors by reason of lack of investment.

He further said that the Government have to little delay the fiscal road map as it had to invest seventy thousands corers of Rupees, in the infrastructure sector by reason of the Highways programme has slowed down and in railways investment has not come.

Pointing evil of corruption, he further added meanwhile that the provisions of the Prevention of Corruption Act, 1988 needed to be revisited. Also in the present context the terms like ‘corrupt means’, ‘public interests’ and ‘pecuniary advantages’ need to be redefined for making differences amongst the corruption acts and honest error.

In relation to the present matter, the Finance Minister said that now the onus of taking decisions will lie on his current Government being NDA- Government which being a single largest party come into power. As per Mr. Jaitley, for the larger Global Investments, the sectors like Defence and Real estates have been opened up.

He said that Central Bureau of Investigation- CBI should have the sixth sense to master the Art of extracting truth and perfection. Further  Mr. Jaitely added that in case where many of the agencies can be faltered, perfection cannot be expected and the Country can not afford to have two institutions being CBI and Judiciary to be imperfect.

by Faim Khalilkhan Pathan.