Govt. To Press Ahead With Rs.40,000 CrTax Demand On FIIs : Arun Jaitley

15 April, New Delhi

Finance Minister Arun Jaitley has said that the government will press ahead with 40,000 crore rupees tax demand on FIIs as they lost a case against levy of tax on capital gains they made.

Earlier, the tax authorities had issued notices to about 100 FIIs with a demand to pay around 60,000 crore rupees as Minimum Alternative Tax on capital gains made by them.

Talking to a news channel Tuesday , he said there is a need to manage inflation along with growth rate. The minister also said that the government cannot afford to have inflation go up radically, so RBI is bit conservative in managing it and little careful in lowering the interest rates.

Refuting the reports of differences on interest rates with the RBI, Jaitley said there is nothing wrong having a conflicting opinion between the two institutions. He added that there are evolving opinion all over the world on the role of central bank.

On the issue of retrospective tax law,r Jaitley said in the last one year no retrospective tax law has been brought and not a single new notice has been issued. He added that his only problem is with regard to legacy issues that he inherited from the previous government.

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