New Delhi: The central government is planning to rationalise tax rebates and exemptions to industry so as to make the taxation structure non-adverserial and rent seeking, union Minister of State for Finance Jayant Sinha said on Friday.
Speaking at the 110th annual session of PHD Chamber of Commerce and Industry here, he said the government's proposal to do away with some tax exemptions and rebates is targeted to reduce litigation and discretion.
Expressing his hope that the Goods and Services Tax (GST) Bill would be passed by the parliament soon, Sinha said once the bill becomes a law it will be major tax transformation measure in the country.
He added the increase in the state's share of taxes, implementation of GST and the reduction in corporate tax rate by five percent to 25 percent are big changes in the country's fiscal architecture.
Sinha said the views of automobile and pharma industries have been heard by the government on the scrapping of tax exemptions and rebates and urged others to come out with their views.
He also said the government would soon launch a Start Up India programme to develop the start-up ecosystem with youngsters starting new ventures and creating jobs.