Arun Jaitley says economy challenging, India Inc presses for tax sops

Jun 07 2014, 13:14 IST
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Finance Minister Arun Jaitley and Apna Dal MP, Anupriya Patel at Parliament house on  the 1st session of 16th Lok Sabha in New Delhi. PTI Finance Minister Arun Jaitley and Apna Dal MP, Anupriya Patel at Parliament house on the 1st session of 16th Lok Sabha in New Delhi. PTI
SummaryIndia Inc urged the government to expedite roll out of GST and implement the DTC.

was optimistic.

Videocon Group Chairman Venugopal Dhoot said the I-T exemption limit for common man be hiked to Rs 5 lakh, from Rs 2 lakh at present.

Gems and Jewellery Export Promotion Council Chairman Vipul Shah asked Finance Minister to scrap import curb on gold.

"High on the government's priorities should be to adhere to the path of fiscal consolidation while not compromising on the quality of adjustment. It is critical to signal control over policymaking with the objective of improving the growth-inflation balance in the economy," Assocham President Rana Kapoor said.

In a statement Finance Ministry said the major suggestions received from the representatives of different industry and trade groups, including following the path of fiscal consolidation, curbing inflation especially food inflation, deferment of GARR for at least next three years, no retrospective amendments in tax laws henceforth.

Other suggestions include transparency, especially those relating to transfer pricing, encouraging foreign subsidiaries of Indian companies to bring back the money by exempting dividend from MAT, no MAT on exempted income such as long term capital gains, etc, among others.

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