As the DCA has been shifted from the finance ministry to the law ministry, the subject basically falls under the jurisdiction of the law ministry, Singh said.

Disappointed by the budget for its indifferent attitude in this connection, the stock markets have been taking a nosedive since the presentation of the budget.

However, Singh did not touch upon the demand of reinvestment of capital gains tax in the primary market and enhancing the scope of ten per cent investment of provident funds to the non-infrastructure securities.The revenue secretary denied the charge levelled in some quarters that imposition of eight per cent customs duty across the board is a protectionist measure.

``Itonly provides level playing field to the local producers, who had to pay local taxes in line with article 2 of general agreement on trade and tariffs,'' he said.

Singh reiterated the government's stand that reduction in excise duties on petrol would be borne by the petroleum ministry.

With regards to direct taxes, the rates were not touched to ensure long term stability in this connection, he said. Provisions of saral, samadhan and samman represents attitudinal departure from the earlier system, he said. He regretted that the mindset in the society had not changed to honour the honest tax payer.

Regarding concession to many other industries, the revenue secretary said moderate tax structure and too many exemptions cannot exist simultaneously.Singh said multi-tax structure cannot be wished away as it is targetted to bring the system to around 18 per cent of central value added tax. As rates cannot be increased from a low level to 18 per cent at one go, the multiplicity of rates will have to bethere.

To a grievance voiced by the computer industry representative regarding shortage of software engineers in the country, he said he did not know how the government can help the industry in this connection.

Regarding an auto industry representative's query that how the budget would kick-start the sector, Singh said the industry would get boost from the general growth of the economy.

Regarding multiplicity of rates on pesticides industry, which is creating crisis in the sector, Singh emphasised that the budget's intention is not to send the industry into shambles, saying that he will look into the suggestion of having a single rate of all kind of pesticides.

Earlier, R S Lodha, chairman of FIICI's taxation and corporate laws, said while customs duty has been raised by eight per cent across the board, trade has been exempted from the hike. He apprehended that bulk of the import business would shift from manufacturers to traders, which would dilute the government's revenue as well. He also expressedgreat disappointment over lack of important provisions for the capital goods industry.