India's Finance Minister Yashwant Sinha has declared that he will not
agree to any further tax amnesty schemes or lowering of tax rates because
tax payers had not responded sufficiently to previous concessions.
During a speech Sinha gave last week at a FICCI seminar (Federation of Indian Chambers of Commerce and Industry Association), he said that any reduction in tax rates would not necessarily result in price cuts and higher tax collection. He gave the example of the motor industry which responded to an 8 per cent cut in excise duty in the last budget by increasing its prices.
And regarding the voluntary disclosure of income 1997 amnesty scheme, Sinha said 'I am not sure it will help. An immunity scheme every now and then is a disincentive to the tax payers.'
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