New Delhi: Claiming the new exemption is not a high-tax government, Finance Minister Arun Jaitley said on Friday that lower taxes and duties were aimed at improving investment economies and making manufacturing competitive to revive the growth.

Responding to the discussion on the finance bill, he also announced some minor concessions for the mutual fund industry and giving discretion to the Central Commission on Direct Taxes (CBDT) over levying penalties for filing. late tax returns.

(Read: MF Debt: Jaitley Offers Tax Relief to Investors)

The finance minister reiterated the government’s decision not to use retroactive tax changes to create a new liability and promised to review the controversial General Anti-Tax Avoidance Rules (GAAR). (Read more)

“Ours is not a high tax government. A high tax government will not encourage commercial and industrial activity in India. A high tax government can never create jobs,” he said. declared.

“A government that imposes high taxes will never be able to create a low-cost manufacturing situation … ultimately, what consumers want to buy. They want to buy products. They don’t buy taxes. . “

He was responding to criticism from members seeking higher taxes for revenue mobilization.

“We are interested in creating a situation where feelings about the Indian economy, which had been disturbed in the eyes of investors in relation to the global economy, are rekindled,” he said.

The Lok Sabha then passed the budget bill marking the completion of the fiscal year 2014-15 in the lower house.

Mr Jaitley, who announced some minor changes in budget proposals, said the tax breaks he had given were aimed at lowering manufacturing costs and boosting industrial activity.