Rationalizing taxation

25 JUL,2021 | MEDC


 

India’s fiscal situation has been under stress for years and Covid has only worsened the situation. To its credit, the government has recently implemented some important policy reforms, including systems for faceless assessment and appeal, which will help bring more transparency into the system and reduce harassment. However, that is not enough. At the macro level, the government needs to broaden the tax base with better use of technology, to enhance revenue generation. Chasing the same set of taxpayers with notices and extending deadlines by a few months, is not a sustainable solution. India is still perceived by many as a challenging place for business operations, and the first step to boosting global investor confidence is suitably rationalizing our taxation policy.

*Photo Credit: Google

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