No intent to tax retrospectively: FM

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SME Times News Bureau | 27 Apr, 2015
Clarifying that the central government does not intend to tax retrospectively, Finance Minister Arun Jaitley on Monday reiterated that the taxation policy has to be "non-adversarial" so as to encourage foreign investments.

"Our taxation process has to be simpler to increase tax buoyancy. Our taxation policy has to be non-adversarial. The government does not intend to tax people retrospectively," Jaitley said delivering the D.P. Kohli Memorial Lecture instituted in memory of the Central Bureau of Investigation's first director.

"Highways programme has slowed down and investment has not come in railways. We have to invest Rs.70,000 crore in infrastructure sector and that is why we have to little delay the fiscal road map," Jaitley said.

Jaitley, in his first full union budget in February, has extended the target deadline for controlling fiscal deficit to three percent, reasoning that insistence on a timetable to contain the deficit would harm growth prospects.

The targets for fiscal deficit for the next three years have been set at 3.9 percent for 2015-16, 3.5 percent for 2016-17 and 3.0 percent for 2017-18.

The finance minister also said the corporate tax structure has to be globally competitive and that is why the government has proposed to reduce it from 30 to 25 percent in budget for the current fiscal.