National Council for Taxation
In developing countries like India, the government has to play a crucial role in
promoting economic growth & development because private initiative & capital are
Fiscal policy or budget has become important instrument in promoting growth and
development in such economies. Taxation is an important part of fiscal policy which
can be used effectively by governments of developing economies.
However, Indian economy was not affected much from global economic turmoil but it
can’t be undermine that many of the severe challenges are clouding on the head and
ready to jostle Indian economy. The current account deficit is likely to widen in
the current financial year, continuous raising the policy rate, Government budget
deficit, huge FII outflow along with political uncertainty & corruption have been
emerged as new challenges for Indian economy and needless to say it directly broadens
the responsibility of the government and concerned authorities to come forward by
bringing massive reforms in taxation structure. If the current precarious situation
goes down from bad to worse, our economy could also experience slowdown.
In connection with the same and accelerating the growth momentum of economy, IBCHAM
(Indian Business Chamber), in its endeavour to take up the challenges of taxation
system in India, has decided to constitute a separate and dedicated IBCHAM National
Council for Taxation which is committed to assist the government by
providing them intellectual & workable road map for the competent authorities to
protect and encourage the growth of our economy.