Rationalising tax policy

09 MAR,2020 | MEDC


 

India could reap a big bonus from the current coronavirus crisis if we are able to streamline our tax policy to enable domestic suppliers to occupy the vacuum created by Chinese supply disruptions. Over the decades, our tax policy has led to a thriving small enterprise sector that functioned below the tax radar, offering low cost (and quality) options to consumers. The current crisis is a real opportunity to rectify that unfortunate state of affairs by bringing the smaller players into a real national supply chain that would be able to compete globally. Many good ideas developed to lure small businesses into the tax net got diluted over the years, and the GST Council needs to reactivate them. Globalization brings structural risks that need to be analytically recognized and addressed, by tweaking the national tax policy accordingly. That is a strategy to enhance exports and boost domestic growth.

*Photo Credit: Google

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