Competitive tax rates needed for manufacturing hubs
[dropcap color=”#008040″ boxed=”yes” boxed_radius=”8px” class=”” id=””]F[/dropcap]inance Minister Arun Jaitley said on Wednesday, in order to boost economic growth and create jobs, India requires competitive tax rates to become an attractive manufacturing destination.
At the annual investiture ceremony of the central Board of Excise and Customs, he said “We have to keep our rates competitive to keep the manufacturing competitive and seldom need to vary those rates too.
The Minister also said that “Manufacturing is a extremely important activity which has spiral effect on the economy, which creates the largest number of job and a tax on that adds to the government revenue”
[dropcap color=”#008040″ boxed=”yes” boxed_radius=”8px” class=”” id=””]A[/dropcap]”s the economies grow, not only the width of revenue grows but the expectation of people for greater level of developments, evolution of society as welfare state also grows. Manufacturing in any growing economy has a very vital role,” he added.
Jaitley said because of some “clever” manufacturers, who try to avoid paying taxes, it was necessary for the excise department to remain vigilant.
History of Manufacturing Industry
Here is an excellent post on how India ruled the world of manufacturing.
Notes:
1. IANS
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