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India plans to eventually phase out tax exemptions
NEW DELHI — Taxpayers may fiercely defend it, but tax exemptions have to be pruned and eventually phased out, Finance Minister P. Chidambaram said on Thursday.
"Given the commitment of the UPA government to inclusive growth and given the need to finance social sector expenditure, the need for resources is growing every year," he said, replying to the debate on Finance Bill in Lower House.
He said: "I have a duty to raise resources" and added that tax exemptions were a legacy issue that needs to be looked into.
"Tax exemptions have been given over the years and there is resistance — sometimes fierce resistance — to any attempt to prune the tax exemptions. Nevertheless, I have made an attempt to prune some exemptions," Chidambaram said. At the same time, he also promised to review the controversial BCTT next year.
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