The Federation of Andhra Pradesh Chambers of Commerce and Industry (FAPCCI) organized an interactive meeting with Trade and Industry delegates with Mr J.D. Seelam, Hon’ble Union Minister of State for Finance (Revenue), Govt. of India on September 11, 2013 at Federation House, Red Hills, Hyderabad.
Mr. Suresh Jandhyala, IRS., Chief Commissioner of Income Tax-I, Mr. B.B. Prasad, IRS., Chief Commissioner, Customs, Central Excise & Service Tax, Hyderabad Zone, Mr. Srinivas Ayyadevara, President, FAPCCI, Mr. Shiv Kumar Rungta, Senior Vice President, FAPCCI, Mr. Anil Reddy Vennum, Vice President, FAPCCI and Mrs. P. Vydehi, Secretary (I/c), FAPCCI has also addressed at the meeting.
A Bill for introduction of Goods and Services Tax (GST) would be tabled in the Parliament during the winter session, Union Minister of State for Finance, J.D. Seelam said here on Wednesday.
The Parliamentary Standing Committee on Finance had submitted its report and a sub-committee in the Finance Ministry had been appointed to examine it, he told reporters on the sidelines of a meeting with the members of FAPCCI.
Replying to a question, he expressed confidence of achieving the disinvestment target of Rs.40,000 crore this year. “We have to take follow-up action. Apprehensions need to be removed. We are confident of getting Rs.40,000 crore”, he added.
On tax collection, he said the trend improved in the second quarter and asserted that the target would be achieved. He indicated that there would be curbs on the imports of some non-essential items in a bid to control Current Account Deficit (CAD).
Earlier, he assured to take up with the Union Finance Minister and RBI the demand of FAPCCI to provide relief to the industry in Andhra Pradesh with regard to staggered payment of loans.
Addressing FAPCCI members, Mr. Seelam said the aim of the government was to make tax collection a pleasant job. The departments collecting tax would act like facilitators and not regulators. He, however, rejected the demand to go slow on tax collection because of the difficulties facing the industry in the State and said the collected amount was being ploughed back for welfare and developmental schemes. He said the government was also thinking up of opening up more areas for Foreign Direct Investment (FDI) as part of reducing CAD. Also there was a need to increase exports and reduce imports.
The minister said that although 13 crore to 14 crore people were having PAN cards, only 3.5 crore were paying taxes. Pointing to the need to expand the tax base, he said it could go up to seven crore.