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Govt considering changes in I-T Act: Revenue Secy

Our Bureau

KOCHI, May 27

THE Union Government is considering several changes in the Income-Tax Act in order to make it modern and simple.

The Government has invited suggestions and the modified Act will be ready by next year, Dr S. Narayan, the Revenue Secretary, Government of India said here.

Inaugurating the first annual conference of the All-Kerala Chartered Accountants Association, he said that interest rates, labour laws and power were the other areas that needed immediate Governmental attention.

Mr Narayan said the stability in the financial market and infrastructure was the need of the hour for proper economic growth and this was evident in port and road infrastructure sectors, where investments have already picked up.

Regarding the overall economic situation, he said the Indian economy was passing through a sea change and the skill of the Indian technical expertise was recognised all over the world.

The manufacturing sector should cope with the changing times as there would be structural changes in this sector in the coming years. A congenial atmosphere has been created by the Government for the benefit of the industry to face competition.

The Revenue Secretary pointed out that the tariff structure in the Budget was aimed at coping with the changes taking place both in the industrial and agricultural sector. The Government had taken steps to protect these sectors from cheaper imports, part icularly after the removal of quantitative restrictions (QRs).

``We did not expect a flood of imports after the removal of QRs and the Government has taken every step to protect the industry,'' he said and added that the mindset of the people have to be changed so that they do not look at imports as a threat to the economy.

Dr Narayan said the customs tariffs and regulations was structured in such a way to protect Indian agriculture and the industry. In areas like technology and equipment, Government had allowed free imports to ensure that Indian industry gets best technolo gy, whereas in certain areas protective measures have been adopted to save these domestic sectors, he said.

Mr N.D. Gupta, President of the Institute of Chartered Accountants of India delivered the Presidential address.