"The road map for phasing out of exemptions will be unveiled soon," he said. Asked if it can be out by the end of this calender year, he said, "It should come out."
    
Finance Minister Arun Jaitley, in the Budget, had said the basic rate of corporate tax in India at 30 percent is higher than those prevalent in other major Asian economies, making domestic industry uncompetitive, and it would be brought down to 25 percent over four years.
    
Asked if the government is open to the idea of out-of-court settlement in the Vodafone case, the Secretary said, "They had invoked arbitration and we have responded to it. And if there is offer for out-of-court, the government will consider it."
    
India is locked in a Rs 20,000-crore tax dispute with the UK telecom major Vodafone.
    
While the basic tax demand was Rs 7,990 crore, the total outstanding, including interest and penalty, is estimated to have risen to Rs 20,000 crore.

 

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