rediff.com

NewsApp (Free)

Read news as it happens
Download NewsApp

Available on  

Rediff News  All News 
Rediff.com  » Business » Nasscom seeks tax rationalisation in Budget 2013

Nasscom seeks tax rationalisation in Budget 2013

February 12, 2013 20:41 IST

Software and allied services' industry body Nasscom on Tuesday said Finance Minister P Chidambaram should rationalise taxes in Budget.

"We hope this is a growth-oriented Budget. We have asked for rationalisation of taxes to reduce the amount of litigation, which only vitiates the business environment. Therefore, we want the government to streamline the tax mechanism," Nasscom president Som Mittal said here.

Nasscom also wants the government to provide sops encouraging investment and promoting the culture of entrepreneurship, Mittal said.

"We request to adopt entrepreneurship mission to encourage more entrepreneurship which in turn will create more jobs and investments," he said.

Besides, there is need to set aside money for IT spending, particularly in the area of healthcare and education where technology can make a big difference, he said.

The industry lobby is also looking at reforms in special economic zone in the area of land acquisition, Mittal said.

Earlier, Nasscom in its FY 14 outlook said the industry is set to touch $87 billion next fiscal by growing at 12-14 per cent, a tad better than the current fiscal.

Exports from the industry are estimated to have grown 10.2 per cent to $75.8 billion this fiscal, it said.

Earlier, Nasscom chairman N Chandrasekaran, while presenting the outlook, said, "The Indian IT-BPM industry has demonstrated resilience and agility in the past year. We hope the next fiscal will be a positive year for the industry."

Complete coverage: Union Budget 2013-14

© Copyright 2013 PTI. All rights reserved. Republication or redistribution of PTI content, including by framing or similar means, is expressly prohibited without the prior written consent.