Settlement Commission to be spruced up, no sops: FM

New Delhi, Mar 8 (UNI) Finance Minister P Chidambaram today asked India Inc to desist from seeking fiscal sops to maintain the current bullish growth momentum and said the Settelment Commission will be streamlined to improve the time period in disposing off cases.

In a post Budget interactive session with Assocham, Mr Chidambaram gave a categorical assurance that the grey areas in policy and procedural hassels would be addressed by the government sooner than later to enable a more rapid growth of the corporate sector.

Making a strong pitch for making regional growth process inclusive, Mr Chidambaram asked the corporate world to participate in this grand alliance.

He suggested that companies appoint Chief Executive Officers and Cheif Financial Officers, who will help fulfill the goal of corporate social responsibility.

The Finance Minister appealed to India Inc to understand the dire need of providing secure environment to rural India and the down-trodden and not just blindly clamour for tax concessions.

Afterall, the moneies collected from them would be used for rural reconstruction and improving the lot of the children of the lesser Gods.

He said the Settlement Commission would be spruced up to dispose off corporate taxation disputes within year's time against the normal practice which takes five years.

Saying that dampening the flames of inflation was a collective responsibility, Mr Chidambaram asked the business community to ensure adequate supplies for essential commodities and necessary inputs as well as raw material to meet the insatiable demand for consumption.

The Finance Minister was of the view that a hefty growth of the agriculture sector coupled with government's spending on the social sector would create a vast market for the corporate sector engulfing rural India. A key problem that industry faces relates to the small size of the market confined to the urban areas and rural rich.

Mr Chidambaram said contentious issues such as the Fringe Benefit Tax (FBT), problems related to the Service Tax and double taxation could be talked over with the industry. It would be a composite dialogue between industry representatives and officials of the Finance Ministry.

UNI