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India Inc has urged the Government to introduce corrective measures in the upcoming Budget on the controversial issue of ‘retrospective taxation’.
One of the biggest factors affecting investor sentiments will go if the new Narendra Modi-led Government does away with the principle of ‘retrospective taxation’, apex industry chambers — FICCI and CII — said in their respective pre-Budget meetings with Revenue Secretary Rajiv Takru here.
Assocham will have its pre-Budget meeting on Monday.
“We believe retrospective action is not the way to go and should be removed (from the statute) for rebuilding confidence on the economy,” FICCI President Sidharth Birla told Business Line after the interaction with Takru and senior Finance Ministry officials.
Birla said he had conveyed to the Revenue Secretary and his team that the tax environment in the country was not conducive for investments.
Confederation of Indian Industry (CII) Director-General Chandrajit Banerjee, also pitched for doing away with retrospective taxation, stating that such a move would bring enormous goodwill for India.
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