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Source: World Economic Forum |
Chidambaram took over from Pranab Mukherjee as finance
minister in July, he was no stranger to the position, having
previously served in the role on two separate occasions.
That is not to say, though, that Chidambaram had an easy job
on his hands. In the first few months of his third stint as
finance minister, Chidambaram has taken the lead on a whole
host of pressing issues.
He has commissioned
fellow Top 50 member Parthasarathi Shome to lead an expert
committee looking into two issues: the validity and
appropriateness of the retroactive legislative amendment on
indirect transfers and the suitability of an Indian general
anti-avoidance rule (GAAR). And he has also raised the question
as to whether the Direct Taxes Code (DTC) is in need of a
rethink.
"The new income tax slabs that I had implemented in the
1997-1998 budget, the three rates of 10%, 20% and 30% for
individuals and the rate of 30% for corporates have, much to my
surprise, survived several governments and three finance
ministers," said Chidambaram about his influence on the Indian
tax system.
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