'India Sending Right Messages On Non-Adversarial Tax Policy
Later on Vodafone moved the High Court challenging the I-T order and contended that its transaction on transfer of shares was not taxable under the Indian tax laws.
In its ruling, the Bombay High Court had said "in our opinion there is no taxable income on share premium received on the issue of shares."
Kant said it is important that India grows at a rapid rate and it is very important that government makes this country a very easy place to do business.
"In last 7-8 months we have scrapped a number of process, licencing rules, paperwork and other rules. We have integrated and converged several departments.
"We opened up the FDI regime across sectors-- defense, construction, railways, insurance, medical devices one after another," he added.
India today is one of the most open economies of the world as far as the FDI is concerned. In last 8-9 months FDI has grown about 36-37 per cent, he said further.
"India needs a very stable policy of land acquisition. You can blame this government for everything, but you can't blame it at all for being intimidating. We have taken some very bold measures, we have even taken ordinances route. I think it has taken all the right moves, you just need to sustain it over a long time," Kant said.
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