The Lok Sabha on Friday 25.07.2014 passed the Finance Bill, 2014 by a voice vote with which the legislative proposals notably on direct and indirect taxes proposed in the national budget for this fiscal can now become effective formally.
Finance Minister said that “Ours is not a high-tax government. A high tax government cannot promote business activity, since it will make domestic products non-competitive. High taxes also drive consumers away. Consumers buy products, they don’t buy taxes.”
He also assured the house that his government would also not resort to indiscriminate levy of taxes with retrospective effect.
Source- Inputs From PTI and IANS