FICCI urges Modi government to make stable policies

A FICCI delegation met Finance Minister Arun Jaitley, who is busy preparing the budget these days, on Monday and said that the new government should only focus on stable policies and tax-related laws.

Amidst wide scale discussions going on over the formulation of the budget, the FICCI delegation kept forward its suggestions and recommendations before the Finance Minister, urging him to make result-oriented policies which would take the economy on the path of development.

FICCI president Sidharth Birla said the companies and government sector need to be assured that whatever decisions are being made, are permanent and those who are calling the shots are safeguarded.

According to FICCI, the corporate world also needs to be reassured that if necessary whatever policies are made they are in the interests of the tax payers.

FICCI is more concerned about the tax laws in the nation and Birla believes that all the pending issues are disposed off as soon as possible.

FICCI also batted for implementing the comprehensive Goods and Service Taxes (GST) on a mandatory basis from 2015.

The corporate body also urged the new government to review the relevance of the Direct Tax Codes (DTC) because most of the changes are already incorporated in the law.

Birla said in a statement, “The government could ideally declare as policy that retrospective action shall not be resorted to, save in rarest of cases, but never for creating a fresh onus or liability for a previous period. In fairness, retrospective change if needed must invariably favour the taxpayer”.

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