Finance Minister Pranab Mukherjee on Thursday said government may clarify its stand on Vodafone tax controversy in Parliament at the time of discussion on Finance Bill, 2012.
“I cannot respond to any speculative questions. Parliament is in session. If anything is to be clarified, I will (do it) only at Parliament at the time of Finance Bill,” he told reporters here.
He was responding to queries on whether the government would waive penalty on Vodafone, which may have to pay tax after Parliament approves amendments to Income-tax, 1961, with retrospective effect.
Parliament is scheduled to take up the Finance Bill, which contains tax proposals, next week. The Bill was introduced by Mr. Mukherjee in Parliament on March 16.
On the General Anti-Avoidance Rules, proposed in Budget, the minister said he would respond on the issue in Parliament.
Vodafone Group CEO Vittorio Colao had called on Finance Minister Pranab Mukherjee on Tuesday to discuss issues concerning India’s decision to amend the Income Tax Act with retrospective effect and its possible impact on the Rs 11,000 crore tax demand.
Keywords: Pranab Mukherjee, Hutchisson-Vodafone takeover, income tax act amendment, capital gains tax, Finance Bill
If Govt waives penalty, and since ignorance of law is not a defence,then they are indirectly admitting that the law's intention was not to tax such transactions. Also, if such a waiver is given to a big MNC, why not to Indian tax-payers?
Vodafone thinks that India is still under the Raj. At every given chance they charge their
subscribers for unwanted VAS. They are least interested in following the rules.
THEY SHOULD BE TAXED ALONG WITH PENALTY to teach them a lesson. The MNP
facility exposed their attitude with more people opting out than coming to Vodafone.
Govt. should introduce retrospective tax, because many mnc like vodafone took advantage anti avoidance tax loophole, which create negative impact on country's revenue budget. Govt. needs money for social development, if Govt. introduce retrospective tax which earn revenue and govt are able to invest this money in social sector. so, parliament should introduce retrospective tax amendment.
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