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02 MAR,2020 | MEDC
In India, the burden of tax falls disproportionately on a tiny set of individuals, most of whom are salaried. Due to the easy availability of formal records, the possibility of tax evasion is difficult for the salaried. One can thus safely assume that a fair amount of tax avoidance takes place in the informal sector. It is unfortunate that despite the steady digitization and formalization of our economy, quite some people who should be paying taxes still remain outside the tax net. Policy moves such as linking the taxpayer’s PAN number with their Aadhaar Card seem to have yielded better compliance. However, that is just the tip of the iceberg. The objectives of the government are clear. Unfortunately, the reality in recent years has not cooperated with its plans. Honest taxpayers should genuinely believe that the government is on their side. The clock is ticking, and our tax net needs urgent widening.
*Photo Credit: Google
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