No more tax wishlists? FM Sitharaman asks experts to make the case for what should go
She called for evidence-based proposals to remove outdated tax provisions and said pre-budget submissions should weigh effects on the tax base and administration.
- On Wednesday, Union Finance Minister Nirmala Sitharaman addressed the Eighth International Tax Conference in Bengaluru, urging tax professionals to prioritize national interest over sectoral considerations in policy debates.
- Sitharaman emphasized that the Centre's tax reforms prioritize reducing litigation at its source rather than managing pending disputes, making voluntary compliance easier while reserving enforcement for necessary cases.
- Reforms include reducing the corporate tax rate to 22% in 2019 and raising appeal thresholds to Rs 60 lakh before the appellate tribunal, alongside consolidating GST into two primary rates in 2025 to minimize classification disputes.
- The Finance Minister noted India renegotiated tax treaties with Mauritius, Singapore, and Cyprus, successfully restoring the country's right to tax capital gains at source amid global economic challenges.
- Sitharaman called on ITRAF to produce visible, independent research that informs public policy discussions, stressing its importance for India's journey toward Viksit Bharat 2047.
11 Articles
11 Articles
FM Sitharaman asks industry to look beyond tax cuts, suggest provisions that should be scrapped
Sitharaman said stakeholders should submit evidence-based and quantified proposals, setting out the number of taxpayers affected, compliance costs, revenue implications and possible unintended consequences of proposed tax changes.
Govt Aiming to Reduce Tax Litigation Rather Than Merely Manage It, Tax Policy Must Evolve with Growth: Nirmala Sitharaman
Get latest articles and stories on Business at LatestLY. Union Finance Minister Nirmala Sitharaman stated that the central government has focused its structural tax reforms on fundamentally reducing tax litigation rather than merely managing dispute backlogs. She urged industry representatives and policy researchers to elevate public discourse by proposing workable, quantified statutory alternatives. Business News | Govt Aiming to Reduce Tax Lit…
The Economic Times
Times of IndiaNo more tax wishlists? FM Sitharaman asks experts to make the case for what should go
Finance Minister Nirmala Sitharaman urged tax professionals and industry bodies to move beyond demands for exemptions and rate cuts, asking them to identify provisions that no longer serve the tax system, even when they benefit from them. She said India remains better placed economically despite global challenges and sought evidence-based tax reforms.
Coverage Details
Bias Distribution
- 50% of the sources lean Right
Factuality
To view factuality data please Upgrade to Premium
