Union Finance minister Pranab Mukherjee said there would be no more tax-free zones in the country.
Tax-free zone status in Himachal Pradesh and Uttarakhand was being withdrawn gradually following opposition by different states, Mukherjee said.
Renewal of tax free zone status of Sikkim, which would expire in 2017, would be reviewed on the basis of the socio-economic conditions of the state at that time, he told reporters.
Mukherjee said that instead of tax free zone, the Centre was considering creating special economic zones in backward districts.
In reply to another question, he said, “India cannot remain unaffected by the negative trend in the global market and it is a reality.”
Inaugurating a residential quarter complex and guest house of income tax department, Mukherjee urged IT officials to achieve 10% more collection than the target fixed.
Mukherjee said that the target of income tax collection was fixed at Rs 5,32,000 crore this fiscal as against last year’s Rs 4,46,000 crore.
Commenting on North Bengal, he said that Chief Minister Mamata Banerjee had announced different projects and the region would witness enormous developments.
He also expressed hope that the tea garden problem would be resolved with state initiative. Border trade would also expand in the region, he said.
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September 3, 2011 at 6:03 am
I think that Income Tax will be enforced in Sikkim sometime in future and we cannot be in denial mode always.The socio economic status of people of Sikkim and Sikkim as a whole is improving significantly and if the Central Government as stated by Mr Pranab Mukherjee is to review the IT Exemption status based on our Socio Economic status then we are surely better off then most other states.
Rather we ourselves and the Government should look at educating the people on how we can save IT payment by way of different investments gradually.
I am not sure of the exact norms of our IT Exemption, if article 371F provides for IT exemption with no strings attached like time frame for review, then our Government can put up a good fight but if this clause is not there then we might not be able to reason out with the Center.
September 18, 2014 at 4:07 pm
Sikkim should remain taxfree in coming days…..all apl , dpl status submitted to centre are false. …take me an example. …