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Our Bureau

MR R. SESHASAYEE

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Chennai, Feb. 28 The President of the Confederation of Indian Industry, Mr R. Seshasayee, on Wednesday gave "full marks" to the Finance Minister as a macro manager of the country, but said that when it came to taxation, there were many "warts on the face."

He told Business Line that the Budget was a "great progress report of a country truly on a roll," with all the financial parameters, such as fiscal deficit and revenue deficit, in good shape.

However, he termed the rewarding and penalising excise duty levies on cement as "disturbing." The market, Mr Seshasayee said, should determine prices and the way to bring down prices was to encourage investments and create more supply.

In direct taxes, there were "minor sins of commission" such as continuation of FBT, bringing ESOPs under FBT and MAT on IT companies. In indirect taxes, Mr Seshasayee saw "minor sins of omission," in terms of a great opportunity lost in reducing excise duties considerably. On customs duty cuts, he said that while it was great to get the economy externally engaged, it ought not to be done without concomitant internal reforms.

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