Jaitley Promises Predictable Tax Regime
FINANCE Minister Arun Jaitley yesterday said that his Government is making every effort to put in place a predictable and fair tax regime.
He admitted that there was need for several internal changes like:
1. quick decision-making,
2. stable policies,
3. predictable tax regime and
4. improvement in ease of doing business
Will his babus allow these?
Mr. Jaitley said that his Government is already taking efforts to resolve several legacy issues that have brought adverse reputation to the Indian tax regime.
He further said that the government has tried to resolve the legacy issue by governmental decisions, legislation or even by accepting judicial mandate.
This is exactly the problem - the babus who helped in drafting his speech must have considered accepting judicial mandate as a great favour to society. Every babu thinks that he has the discretion to accept or reject a judicial mandate. If they had a little respect for judiciary, they would not take the same issue again and again to the highest court. The tax regime in India is pretty predictable - whatever you do or don't, you are sure to get a notice and a first stage order against you.