PM indicates withdrawal of tax exemptions to prevent misuse

PM also said Indian business must be prepared for a more fast track economic integration in South Asia.

Prime Minister Manmohan Singh on Monday indicated withdrawal of tax exemptions to prevent their misuse.

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"In the long run our tax regime should not have too many exemptions, which makes tax administration an unnecessarily complex exercise, vulnerable to misuse," Singh said at the FICCI AGM.

He said Indian business must also be prepared for a more fast track economic integration in South Asia.