Millennium Post

Govt to look into FPIs’ tax issues & proposals, says Shaktikanta Das

Finance Ministry on Tuesday promised to look into some taxation issues raised by foreign investors as also certain suggestions made by them in order to attract more investments into the Indian market. After a meeting with foreign portfolio investors (FPIs) here, Economic Affairs Secretary Shaktikanta Das said: "Nobody had reservations about fundamentals and the robustness of where Indian economy is today positioned.

"They are looking at bigger opportunities for investing in Indian market. So overall outlook, I would say, is very very positive." After the 3-hour long meeting, he said a lot of specific suggestions were made and the ministry will examine them. "Suggestions both in terms of process simplification as well as some new suggestions have come...some taxation issues were raised. Department of Revenue also participated in the meeting so we will examine and look at the suggestions they have made," he said. The ministry, he added, may take decisions based on the suggestions after interacting with various agencies as the main focus of the meeting was to further the objective of ease of doing business. 

"The government would like to consolidate current position of India and attract more of investment into our market... We will interact among ourselves with the concerned agencies like RBI, SEBI who were present at the meeting. And whatever decisions are required we will take that," Das said.

Asked if their suggestion would be reflected in the government's annual account, he said: "We are now coming closer to the Budget, some of these suggestions may merit a look in the context of Budget." 

As many as 35 foreign portfolio investors including Citi, JP Morgan, Goldman Sachs participated in the interaction. Das also said that Tuesday's meeting will be followed by interaction with domestic investors as well. Meanwhile, Centre will look into the composition of Goods and Services Tax (GST) council secretariat to ensure postings of Indian Revenue Service (IRS) officers in its key positions, an association representing them said. 
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