According to Indian governmental sources, Finance Minister P. Chidambaram will seek to rationalise the number of tax concessions contained within the Indian tax code as part of a broader plan to simplify the direct and indirect tax systems.
Talking to the Press Trust of India, the unnamed sources revealed that the 2005/2006 budget will take “a good, hard look” at tax exemptions, with the exception of those which help job creation and housing, to prevent them from being used as “tax shelters”.
However, the government insiders confirmed that the main theme of the budget will be to remove “distortions” in the tax system in an attempt to make it “simple, easy and compliant".
The government will also seek to tackle the complicated duty structure in certain industries, such as petroleum, pharmaceuticals and textiles.
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