Saturday, March 18 2006 12:44 Hrs (IST) - World Time -

New Delhi: The Finance Bill, 2006, was today(Mar 18,2006) tabled in the Lok Sabha with Finance Minister P Chidambaram saying the government would strive to maintain the momentum of growth in tax revenues but not tamper with the tax rate.

As soon as the House assembled, the Finance Minister moved the Bill for consideration and passing and said this was a 'year of consolidation' and the Government wanted to send a clear message that tax rates would be "moderate and stable".

"There was no reason to tinker or tamper with the tax rates every year", he said, adding there were 'very few tax proposals or changes this year'.

Elaborating on the proposals of the government for the next financial year, Chidambaram said India was moving towards the ASEAN level of customs duties and "We have moved half a step towards bringing down the rate to 12.5 per cent".

He said the goal was to have duties ranging between five and ten per cent to make India comparable with the ASEAN economies.