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Business EconomyPosted at: Apr 18 2015 3:54PM


Costs of retrospective tax would be too heavy: Jaitley

Washington, Apr 18 (UNI) Seeking to provide comfort to the global investors on the issue of retrospective tax levied by the previous government, Finance Minister Arun Jaitley has said if at all any future government attempts the “ misadventure” again, the costs would be heavy. Making it clear that it was not possible to take away the sovereign rights of Parliament to make laws, even if they relate to retrospective taxation, the Indian Finance Minister allayed concerns of investors during an interaction here yesterday. "I think India's experience of the 2011 (retrospective) law has been very adverse, and therefore if any government did indulge in that misadventure ever in the future, the cost involved will be too heavy," he said. However, he was forthright , when asked about giving guarantee of sorts, to the effect that the legislature would never attempt such an enactment again. "I can't override parliamentary sovereignty. I can't bring a law that says Indian Parliament loses its right to ever enact a law retrospectively, even if I did that it would be illegal, every legislature has that power …Any future parliament, or future government would have that power, but we've been doing our little bit in restating and re-emphasising that it was not a sensible decision to do so, and therefore dangers of that retrospective legislation, and the context of which it was brought has been driven home," the Finance Minister stated. UNI PC KU BL1552
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