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February 27, 1999
'The Budget has attempted tax reforms which are quite positive'
Dr Amit Mitra
There has certainly been a reversal of the corporate and individual tax rates by putting a surcharge of 10 per cent on almost all tax brackets. This has brought some despair to industry leaders. However, the Budget has attempted some other tax reforms which are quite positive. For instance, the rationalisation of excise slabs by reducing 16 slabs to 3 slabs. This is a major act of simplification.
The other major positive steps are in housing and agro-processing. There has been an attempt to look at the capital markets in a positive manner. On the whole, we were looking for interest reduction for an indication.
Dr Amit Mitra is the secretary general FICCI
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