GOVERNMENT
REGULATIONS
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| Tariffs
only a last resort to check imports |
The
finance minister Mr.Yashwant Sinha has said that the government was committed
to reducing import tariffs to the levels prevailing in the neighbourhood
countries and ultimately settle for two or three rates in the
next two years.
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The
general principle underlying taxation policy was to impose lesser duties
on raw materials and intermediate products and higher duty on final products.
|
The
minister also clarified that tariff was used only as an instrument of last
resort to check imports which can destabilise Indian economy and "otherwise
Indian import duties are far below the WTO rates in many areas ".
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India
is moving towards single VAT regime. The government had by and large done
away with the system of approvals in case of foreign direct investment and
an implementation board had been set up to look into projects which were
non-starters because of technical problems.
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| The
government is likely to mount 'India Road Shows' in New York, Washington,
Chicago and Atlanta in the next few months to project India as an
attractive destination for investment. |
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