Arun Jaitley to make Tax Exemption a thing of Past soon

09-Sep-2015|InPoMo Team|| Finance Minister Arun Jaitley today said the government in the next few days will bring out a list of tax exemptions to be phased out as part of the exercise to reduce corporate tax rate to 25 per cent in four years.

The minister also said measures to protect domestic steel sector from dumping by overseas manufacturers are being examined.

Stating that every tax demand cannot be termed as tax terrorism, he said, the government will not relent on pursuing black money in India or abroad.

As regards his Budget announcement of reducing corporate tax rate to 25 per cent, Jaitley said, "over the next few days we will come out with list of exemptions, which we intend to phase out in the first place. Over the next four years corporate tax will come down by 5 per cent and lot of exemptions will get phased out.

"Therefore slowly we will bring taxation levels to global standards and make taxation assessment and return simpler by just eliminating a lot of exemptions."

Jaitley was speaking at 'India Summit 2015' organised by UK-based Economist magazine.

The finance minister in his 2015 Budget had announced that the government would reduce the rate of corporate tax from 30 per cent to 25 per cent over the next four years to align the rates with competing countries.

In view of surge in import of various categories of steel, the Directorate General of Safeguards (DGS) has already initiated an inquiry into the imports of steel from China, Korea, Japan and Russia

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Around 7,00,00,000 Bihar voters to decide the next Chief Minister in 5 phases starting October 12

09-Sep-2015||InPoMo Team || The latest electoral battleground is all set and ready to go to war of votes. More then 6.68 Crore voters of Bihar would cast their votes in a election divided in 5 phases starting from the 12th of October; as announced by the Election Commission of India today.

image courtesy: PTI

The 5 phased elections would be marked with a major set of festivities along with the political drama. Noting the same the Election Commissioner Mr. Nasim Zaidi said, that election commission will ensure communal peace and harmony during the period. The festivities during the period would also witness the Chatt Pujan, along with Diwali, Moharram, Dusshera etc.

First phase would see 49 seats going to poll, wit second phase having 32 seats, third phase with 50 seats, fourth phase with 55 seats and final phase will have 57 constituencies going to polls. Out of the total 243 constituencies, the election commission has identified 47 as naxal affected and as per the election commissioner, more than adequate security arrangements have been made to ensure free, fair and peaceful elections in all areas of the state.

Bihar is looking at a different political dynamics post the Lok Sabha elections, Bhartiya Janta Party had a great show in the state for the national elections, even after Mr. Nitish Kumar a 17 year old ally of NDA, walked out of the alliance. But the situation is very different now, the opposition seems to have left all the old issues behind and come together the behemoth called BJP. Mr. Manjhi, the ex-CM of the sate has formed his own party and has allied with the BJP, but it seems that they have issue in seat sharing arrangement with Mr. Paswan and BJP.

The political drama of bihar is all set to heat up in the coming days, where the fight seems to be between Alliance of Nitish, Lalu and Sonia (Where congress is looks like the smallest share holder) and the NDA.

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