The black money law which is now under drafting will be a very comprehensive piece of legislation targeting perpetrators of the offence, abettors and the beneficiaries, said Mr Das while inaugurating a 'Post-Budget Seminar,' organised by The Associated Chambers of Commerce and Industry of India (ASSOCHAM).
The compliance window will be made available for a very-very limited period of time, what is that limited period of time is under discussion, the government will take a view on it and it will be spelt out in the black money bill which is when it will get introduced in the Parliament, said Mr Das.
Adequate safeguards also will be provided so that there is no undue harassment, he added.
The top Finance Ministry official also said that the government's intention is not to create an environment of fear, We are very careful, we want to have a non-adversarial tax administration, we do not want to do anything which vitiates the investment climate and ease of doing business, which affects businessmen/industry and other people to operate their business and to carry on with their normal economic activities, there will be an adequate amount of safeguards which will be taken and it will be dealt with.
On the issue of dealing with domestic black money, Mr Das said, One area which required immediate attention so far as domestic black money is concerned was benami property transaction bill that also a comprehensive bill will be introduced in the current session of the Parliament.
Clarifying the government's stand on reducing corporate tax rates from 30 per cent to 25 per cent, the Revenue Secretary said, Our corporate tax rates at 30 per cent are much higher than our competitors and major Asian economies like China, Malaysia, Indonesia, Thailand, Korea and others.
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Our tax environment has to be competitive compared to all these countries because when scores are given by any analyst this is one area we are lagging behind, said Mr Das.
He said that the whole idea of the government was to reduce corporate tax rates over a period of time to 25 per cent to make India's investment environment more positive and attractive.
Besides, the government also wanted to leave more money in the hands of corporates for them to invest in new ventures, modernisation of equipment to improve productivity and create additional jobs in the country.
We have to see this whole decision of the government in the context of keenness of the government to make in India a competitive environment, to encourage investors to put their money in India which in turn will create jobs, said Mr Das.
Talking about the government's approach to this year's budget, he said, The big picture was our priority to revive actual investments which should take place, revive growth and in the process our focus was on job creation and providing a comprehensive social security mechanism for the people.
We have to take certain bold and difficult decisions to provide a tax policy which boosts growth, that has been the overall approach in the budget, added Mr Das.
On the issue of abolition of minimum alternate tax (MAT), the Revenue Secretary said, Let's wait and see how it plays out and it's too premature to say which tax will be abolished 3-4 years down the road.
Welcoming the Reserve Bank of India's (RBI) decision to cut repo rate by 25 basis points, Mr Das said, The rate cut by RBI is a welcome move, it augurs well for Indian business and industry, common citizens who want to take housing and other kinds of loans from banks, the government has done its bit by presenting a very progressive and growth oriented budget, the RBI has responded by reducing the rates and now it is for business/industry and the country to make the best advantage of it.
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