PRANAB-GROWTH 2

To empower all sections of the society, the Indian
government has enacted the Right to Information Act, Right to
Job and Right to quality education for those in 6-14 years of
age, the minister said.
For this, tremendous financial requirements and
investments are needed for which Public-Private Partnership
modality is needed, he said.
He said the government was aware of the fact that India's
economic legislation needs to be progressive and be in tune
with global norms and best practises.
Towards this end, the Direct Taxes Code Bill has been
introduced, the thrust of which is to improve the tax system's
efficiency by elimianting distortions in the tax structure by
introducing moderate levels of taxation and expanding the tax
base.
Also, the language has been simplified to enable better
comprehenision, remove ambiguity and encourage voluntary
compliance.
The new code is designed to provide stablity to the tax
regime, as it is based on well-accepted principles of taxation
and best international practices. Together with GST, this
would streamline the tax adminsitration of the country by
making it efficient and equitable, he said.
On the GST (Goods and Service Taxation), he said a major
constitutonal ammendment was required and concurrence of all
state governments was also needed.
Mukherjee said the re-negotiation of Double Taxation
Avoidance Agreeemnt (DTAA) with treaty partners is being
actively pursued and a revised DTAA with Switzerland has
already been signed.
He said the government has concluded tax information
exchange agreements with eight countries and jurisidictions,
including Bahamas, Bermuda, British Virgin Islands and active
negotiations are in progress with other jurisdictions.
India, as a member of G20, is committed to achieving a
single set of high-quality global accounting standards. The
use of globally acceptable accounting framework would help in
promoting investors' confidence and bring more clarity and
uniformity for users of financial statements, he said.
Indian companies are increasingly accessing the global
markets to meet their capital needs by listing their
securities on the stock exchanges outside India.
"To be able to communicate effectively with the world, we
need a common language that is understood by every market in
the world. This was the main objective of our national
accounting standards with IFRS," he said.
According to the minister, the country needs to regulate
better while at the same time ensuring that regulation does
not degenerate into obsessive control. PTI UD
SAK


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