Holistic new tax code needed for Viksit Bharat, say experts ahead of Budget

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Holistic new tax code needed for Viksit Bharat, say experts ahead of Budget - Business Standard

Quick Summary:

A new philosophy of keeping it FLAT, with Fewer and lower tax rates, Litigation reduction, an All-inclusive wider tax base, and Tax collection without withholding it, is urgently needed to increase net tax revenues while energising the economy and realising the vision of a Vikshit Bharat by 2047, they said.

There is a need for a holistic new Tax Code with a focus on lower rates, widening base, improved collections and compliance for a Vikshit Bharat, experts said ahead of Budget.

Budget 2025-26 is expected to be tabled in Parliament on February 1.