BUDGET 2000
SPECIALS
INTERVIEWS
COMMENTARY
GOVT&ECONOMY
Y2K: BIZ FEATURES
INDIA & THE WTO
CREDIT POLICY
BIZ IN THE USA
CARS & MOBIKES
MANAGEMENT
CASE STUDY
BIZ-QUIZ
USEFUL INFO
ARCHIVES
NEWSLINKS
SEARCH REDIFF

Govt plans to simplify tax structure

Union Minister of State for Finance Dhananjay Kumar said that the central government was planning to take several steps to simplify the tax structure.

He said efforts were also on to widen the income tax net, while talking to newspersons in Bhopal. The number of tax payers in the country was not even two per cent currently, while it was much higher for other countries, he added.

He said that infrastructure could not be improved unless the revenue accrued through tax was enhanced. Kumar conceded that urgent steps were required to check tax evasion.

He said it had been decided to end the printing notes of one, two and five rupees as it was not economically viable. Although coins were to be circulated in place of notes, the old notes were still in use due to the paucity of coins, he said.

He said coins were being imported from other countries by inviting global tenders.

UNI

Business