The Hindu : Karnataka / Bangalore News : Minister promises scientific taxation

Online edition of India's National Newspaper
Saturday, Feb 24, 2007
ePaper


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Karnataka

Karnataka - Bangalore

Minister promises scientific taxation

Special Correspondent

BANGALORE: Science and Technology Minister Ramachandra Gowda on Friday said the ensuing budget to be presented by Deputy Chief Minister B.S. Yediyurappa would adopt a scientific method of taxation.

Inaugurating the four-day event of three mega exhibitions of GAIL Plastatia-2007(international exhibition on plastics), El Asia 2007 (international exhibition on electrical, industrial electronics & power) and Bangalore Machine Tool Expo-2007, organised by the Triune Exhibitors Private Ltd at the Palace Grounds in Bangalore, the Minister said the proposed budget was likely to have two or three taxation slabs.

Referring to the demand by trade representatives to reduce certain taxes from the present 12 per cent to the country's uniform rate of 4 per cent, the Minister said that he would convey their views to Mr. Yediyurappa and Large and Medium Industries Minister Katta Subramanya Naidu.

However, he expressed doubt on whether it was possible to reduce taxes for them as the Government had already made a commitment to farmers to waive their co-operative loans.

Steer Engineering Ltd. Managing Director Babu Padmanabhan said according to an estimate, the use of plastics as raw material would far outgrow that of iron and other products in India by 2015.

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