Mr Jaitley said that he was willing to discuss GST with the Congress
Finance minister Arun Jaitley with World Economic Forum founder and executive chairman Klaus Schwab during a meeting in New Delhi on Wednesday. (Photo: AP)
New Delhi: The finance minister Arun Jaitley said on Wednesday that the Centre will come out with a list of exemptions in the next few days that would go as part of the plan to gradually reduce corporate tax to 25 per cent, the first tranche of which will be announced in the Budget in February.
The finance minister also expressed confidence that introduction of the goods and services tax (GST), which will replace more than a dozen state levies, is only “a question of time” as obstruction to the reform measure will not stand parliamentary vote. He informed that the government in the next couple of days will announce a major policy for the stressed power sector, which has been reeling under high debt. Mr Jaitley said that he was willing to discuss GST with the Congress.
“I have announced a road map for direct taxation... (to) bring corporate tax down to 25 per cent by phasing out some of those exemptions. We are going to put in the public domain in the next few days some of those exemptions that we intend to phase out in the first round. The first tranche of reduction of corporate tax... I hope to do it in the near future whenever the new Finance Bill comes up,” Mr Jaitley said.
In last Budget, he had announced his intention to reduce corporate tax to 25 per cent from 30 per cent over the next four years. However, along with reducing corporate tax, government will phase out all tax exemptions given to the industry.
The finance minister also expressed confidence that introduction of the goods and services tax (GST), which will replace more than a dozen state levies, is only “a question of time” as obstruction to the reform measure will not stand parliamentary vote. He informed that the government in the next couple of days will announce a major policy for the stressed power sector, which has been reeling under high debt. Mr Jaitley said that he was willing to discuss GST with the Congress.
“I have announced a road map for direct taxation... (to) bring corporate tax down to 25 per cent by phasing out some of those exemptions. We are going to put in the public domain in the next few days some of those exemptions that we intend to phase out in the first round. The first tranche of reduction of corporate tax... I hope to do it in the near future whenever the new Finance Bill comes up,” Mr Jaitley said.
In last Budget, he had announced his intention to reduce corporate tax to 25 per cent from 30 per cent over the next four years. However, along with reducing corporate tax, government will phase out all tax exemptions given to the industry.
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( Source : deccan chronicle )
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