June 6, 2014 8:41 PM

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FICCI & ASSOCHAM demand exemption in existing tax regime

Industry bodies FICCI and ASSOCHAM have demanded exemption in the existing tax regime to revive the investor sentiment and putting the economy back on track. Finance Minister Arun Jaitely who met Industry people in a series of pre-budget meetings assured them to take all the necessary steps to solve issues being raised by them. The representatives of industries discussed Goods and services Tax, food Inflation, employment Generation and the revival in infrastructure growth during their meeting with Finance Minister.Talking to reporters after the meeting, the Finance Minister said that the industry people have given their wish list and his ministry heard them properly.On the issue of GST, FICCI president Sidharth Birla said, it is important how Centre takes care of certain states which will be affected negatively and how the states subsume local taxes into GST.Earlier in the day representatives of central Trade Unions also met with Finance Minister and submitted a joint memorandum to the Ministry for its consideration. While interacting with the representatives of the Central Trade Union, Finance Minister said that Government will give due consideration to the ten point Joint charter of Demands given by the Trade Unions. The other demands made by the unions include containing inflation, increasing investment in the infrastructure to stimulate the economy for job creation.

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