Process of reforms to continue..! Focus on lower tax rate and wider tax base, affirms Jaitley

New Delhi, March 6: "Government is committed to facilitate trade and industry in the country so that the momentum of the growth continues to move-up. The captains of Indian industry should comply with the recent recommendations of the GST Council with regard to reduction of rates of various items and pass on the benefits to the consumers at large”, said Finance Minister Arun Jaitley chairing the Federation of Indian Chambers of Commerce and Industry (FICCI) delegation in the national capital on Tuesday.

 

 

Jaitley said that the process of reforms in case of direct and indirect taxes will continue in order to facilitate and further expedite the process of ease of doing business in the country. “GST is now on the track and is in process of fast settling down. The thrust of the Government is to lower the tax rate and widen the tax base, keeping the revenue collections moving-up”, he added.

Meanwhile, Sandip Somany, President, FICCI presented a copy of the FICCI publication- ‘Ägenda for Growth and Shared Prosperity’ to Jaitley. He congratulated the Finance Minister for the decisive action taken on many economic fronts including Landmark Reforms like Introduction of GST and Insolvency and Bankruptcy Act among others.

Arun Jaitley also lauded the Insolvency and Bankruptcy Code (IBC) saying that it has brought a change in the credit culture in the country and is helping the Banking Sector in making fast recoveries.

Continuing with the process of Direct Tax reforms, Somany requested the Finance Minister to consider lowering of the Corporate Tax Rate to 25% for all companies irrespective of their turnover. A rationalisation of the Corporate Tax Rate would make the Indian Corporate Sector globally competitive, he said.

India continues to be the sweet spot as far as the Foreign Direct Investment is concerned and is the fastest growing economy in the world. “The Government is committed to keep this growth momentum high and inclusive to ensure that the benefits of growth reaches to all sections of the society especially to the vulnerable and weaker sections”, he signed off.