ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Brake on Tax Reform

THE Planning Commission is reported to have suggested to the government that the pace of tax reform should be slowed down and that further concessions in direct taxes, especially in corporation tax, should be put off in view of the sharp fall in revenue collections. Apart from taking a critical view of manufacturers refusing to pass on excise duty reliefs to consumers, the commission has argued in particular against reducing customs duties beyond a point as about 90 per cent of the revenue shortfall in 1993-94 is apparently attributable to the lowering of customs duties. The Planning Commission's intervention has come, significantly, in the wake of the finance minister's public commitment to 'reform

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