Mr. Arun Jaitley today said that if India has to have a broader base of economy the lower level of taxation that is globally compatible are required. The Finance Minister also said that now no more philosophical statements claiming that high taxation will bring greater revenues will work. The cource of economy has altered since 1991.
He also focussed upon the need to manufacture products and provide services which are more competitive in character. He also said that the competition has to be seen globally rather than limiting it to domestic sphere.
Inaugurating the professional training of IRS officers, he said that “commercial smartness” when we do not judge avoidance of government revenue in terms of morality or immorality.
Addressing young revenue service officers, he said that “payment of legitimate taxes is a responsibility and then it should be reciprocated by you with a confidence in the tax payer.”