Financial Daily from THE HINDU group of publications
Tuesday, Jul 20, 2004
Financial Daily from THE HINDU group of publications Tuesday, Jul 20, 2004 |
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Budget Markets - Taxation Chidambaram assures relook at transaction tax Our Bureau
New Delhi , July 19 THE Finance Minister, Mr P. Chidambaram, on Monday said that he would "revisit" the 0.15 per cent transaction tax on securities proposed in the Union Budget though he did not commit himself to an outright withdrawal of tax. "I have already said we will be revisiting the numbers. But transaction tax is neat, easy and eliminates tax avoidance," Mr Chidambaram said while intervening during the discussion on the Budget in the Rajya Sabha. Earlier, initiating the debate in the upper house, the former Finance Minister, Mr Yashwant Sinha, said that the Budget contained tall promises that might be difficult to deliver. He said that the Rs 10,000 crore additional allocation for Plan expenditure would be too little for meeting the various promises for social sectors such as education, health, agriculture, irrigation and rural development. Mr Sinha said that the NDA Government had left the economy in good shape. "He (Mr Chidambaram) is extremely lucky unlike many of his predecessors to inherit an economy which gave him enough elbow room to frame his economic policy."
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