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May 8, 2000
BUDGET 2000 |
Govt plans to simplify tax structureUnion Minister of State for Finance Dhananjay Kumar said that the central government was planning to take several steps to simplify the tax structure. He said efforts were also on to widen the income tax net, while talking to newspersons in Bhopal. The number of tax payers in the country was not even two per cent currently, while it was much higher for other countries, he added. He said that infrastructure could not be improved unless the revenue accrued through tax was enhanced. Kumar conceded that urgent steps were required to check tax evasion. He said it had been decided to end the printing notes of one, two and five rupees as it was not economically viable. Although coins were to be circulated in place of notes, the old notes were still in use due to the paucity of coins, he said. He said coins were being imported from other countries by inviting global tenders. UNI
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