Arun Jaitley puts an end to old tax regime

Mumbai: Finance minister Arun Jaitley said that the aggressive tax policies were a legacy of the past (Manmohan Singh government) and he had ‘put a quietus’ to all these issues. He said, “there were a large number of aggressive policies and none of them had brought in a rupee of tax, but only litigation, so today since this is a legacy issue I put a quietus to all these issues.”

Mr Jaitley who was answering questions at the award function of a news channel in Mumbai on Friday said his government was for a “reasonable tax regime.” He said his government had already taken significant steps. “We didn’t nullify pending litigation but for the present and the future we have set at rest all fears of retrospective taxation.”  

Regarding the pending litigation (the Vodaone case) Mr Jaitley said the matter is in court and we will wait for the outcome. Replying to questions of economic growth, the finance minister said that the year 2015 is going to be a much better year than earlier years, though not fully satisfactory because there is a lot of “legacy of the past government”.