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Chidambaram could widen tax base in Budget 2013-14

By Religare
Chidambaram could widen tax base in Budget 2013-14
Highlighting the need for revenue growth, Finance Minister P Chidambaram has hinted towards widening the tax base.

Addressing an investors' conference, Chidambaram said, "I must get more and more people into tax net, even if they pay small amount of taxes. More and more amount of people must pay tax." Chidambaram said.

"One of the principal considerations will be adhering to the path of fiscal prudence. That will be one of the main themes of the Budget," Chidambaram added.

Asked about raising revenue, he said, "The other theme will be protecting one's tax base and augmenting tax revenues."

The Minister has already committed to bring down the fiscal deficit to 4.8 per cent of the Gross Domestic Product (GDP) in 2013-14 from 5.3 per cent estimated in the current financial year.

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