Income tax exemption limit to Rs 3 lakh: Shome panel says govt to come out with modified DTC Bill
2010, was referred to the Standing Committee for scrutiny.
Shome also said there has been some improvement on the government's non-plan expenditure side since the time of financial crisis in 2008.
Finance Minister P Chidambaram had in November 2012 announced a fiscal consolidation road map wherein he plans to restrict fiscal deficit at 5.3 per cent of GDP in the current fiscal and bring it down to 3 per cent by 2016-17.
Shome further said that the government is showing its intention to bring in clarity in tax laws and reforms in tax administration.
"We have to increasingly do so (tax reforms). That is going to be a vehicle and we won't put it on back burner," Shome said.
He also said the Ministry has asked National Institute of Public Finance and Policy (NIPFP) to calculate the impact of the proposed Goods and Services Tax (GST) on the GDP.
