Delhi: The government is likely to attempt a comprehensive
tax reform in the union budget for the next financial
year, finance minister P Chidambaram said today
promise you that government will maintain stable and moderate
rates. But for a comprehensive tax reform, wait for the
next budget," he told the Federation of Indian Chambers
of Commerce and Industry (FICCI).
week, Chidambaram announced billions of dollars in spending
for the poor in an expansionary Budget that taxed the
rich but lacked any major steps to tackle a nagging deficit.
said the electoral mandate the UPA Government got was
for continuing the reforms process and taking up measures
in agriculture and rural economy that had not been addressed
during the previous NDA Government rule.
said: "it is a complex electoral mandate. As the
finance minister, it is my duty to interpret it and act
accordingly. If I don''t, I face rejection like the previous
mandate, he said, was for continuing with the reforms
initiated in the last five years and to take up measures
which were not addressed to by the previous Government.
Investment in agriculture, basic needs of rural India
and needs of social sectors like education and primary
health care must be addressed to, he said.