Business Daily from THE HINDU group of publications
Tuesday, Jul 07, 2009
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Business Daily from THE HINDU group of publications Tuesday, Jul 07, 2009 ePaper | Mobile/PDA Version | Audio | Blogs |
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Budget Industry & Economy - Taxation Government - Politics Columns - T.C.A. Srinivasa-Raghavan O tempora, O mores! 
Mr P. Chidambaram T.C.A. Srinivasa-Raghavan New Delhi, July 6 It is not often that a Finance Minister reverses a tax imposed by his predecessor in the first year. But that is exactly what Mr Pranab Mukherjee has done. The casualty is the Commodity Transactions Tax (CTT). Firing from over the shoulder of Prof. Suresh Tendulkar, Chairman of the Prime Minister’s Economic Advisory Council, Mr Mukherjee took careful aim at the CTT and knocked it off. But that isn’t all. In 2005, Mr Chidambaram had introduced the odious Fringe Benefit Tax (FBT). Mr Mukherjee abolished that as well, saying that the employers didn’t like it. Had this been all, it would have been possible to put it down to the old chestnut, rationalisation. But the third cut is the unkindest of all. Recalling, with a mischievous smile that Mr Chidambaram had once said the reason why he wasn’t imposing the service tax on legal services was that lawyers did not provide any service, Mr Mukherjee has imposed the service tax on legal services as well. First time happens: chance, second time: coincidence, third time: conspiracy? More Stories on : Budget | Taxation | Politics | T.C.A. Srinivasa-Raghavan
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