Financial Daily from THE HINDU group of publications
Tuesday, May 17, 2005
Financial Daily from THE HINDU group of publications Tuesday, May 17, 2005 |
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Government
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Financial Policy President approves Finance Bill K.R. Srivats
New Delhi , May 16 THE Finance Bill 2005 has been enacted into law, with the President, Mr A.P.J. Abdul Kalam, giving his assent to the Bill on Friday. The Finance Minister, Mr P. Chidambaram, had through the Finance Bill 2005, proposed major tax reforms to improve the tax-gross domestic product ratio, expand the taxpayer base, increase tax compliance and also make the tax department more efficient. The Bill contained 124 clauses, including certain controversial proposals, such as the fringe benefit tax and the banking cash transaction tax. Both these proposals evoked protest, prompting the Finance Minister to bring in certain modifications. A Finance Ministry official said certain consequential notifications arising out of the enactment of the Finance Bill 2005 have also now been issued.
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