At a recent press conference held to discuss the impact of possible military action in Afghanistan, the Indian Finance Minister Yashwant Sinha ruled out the possibility of any new taxes being introduced at the present time, saying that the Indian government had contingency plans in place to deal with emergencies arising as a result of any conflict.
'In a slowdown phase, which remains the fundamental structural problem, it is my view that any increase in taxes at this point of time will be counterproductive,' he said on Sunday.
Although he refused to elaborate further on what the 'harsh measures' discussed by Prime Minister AB Vajpayee might comprise, he said that the government would keep the economic situation under close surveillance, and take 'whatever necessary steps'. The Finance Minister also added that contrary to fears, the latest trend in revenue collection was 'encouraging', and announced that a meeting with the country's tax authorities would be taking place later this week.
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