& providing incentives to manufacturing sector in budget
Finance Minister Arun Jaitley has hinted at not raising tax rates and providing incentives to manufacturing sector in the coming budget. He promised a stable tax regime that will not come up with unreasonable demand and charge taxes retrospectively.
Mr. Jaitley was addressing a session on 'India's Next Decade' at the World Economic Forum in Davos yesterday. The Finance Minister said, he is not in favour of raising the rates of taxation as that could become counter productive. While referring to various revenue sources, Mr. Jaitley said, as economic activities picks up the government capacity to raise revenue will also increase.
Talking about subsidies, he said a scheme has now been started under which leakages will be plugged in the first place. Mr. Jaitley said, there is a need to take a series of reforms as the last 10 years got lost because of unnecessary debates.
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