- Demands presented to the Union Finance Minister by India Inc:
- Fiscal consolidation without compromising on the quality of adjustment.
- Lowering of taxes. Raising tax exemption limit to Rs. 5 lakh from the existing Rs. 2 lakh.
- Easing curbs on gold imports.
- Clarity on retrospective amendment laws. Amendments to the Income Tax Act for simple, prospective taxation.
- Early roll out of the Goods and Services Tax (GST) and the Direct Taxes Code (DTC).
- Restore faith in investors.
- FDI exemption in renewal energy projects.
- The FM, while highlighting that the economic situation is challenging, promised to give a boost to the economy.
- Read at: http://www.thehindu.com/todays-paper/tp-business/india-inc-looks-for-conducive-tax-environment-bold-reforms/article6091159.ece
Exams Perspective:
- Goods and Services Tax (GST)
- Direct Taxes Code (DTC)
- FDI
- Fiscal Policy
- Tax Reforms