Tax policies to play a critical role in tackling 'inequality': Eco Survey

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Tax policies to play a critical role in tackling 'inequality': Eco Survey - Business Standard

Quick Summary:

Notably, despite several attempts and amnesty schemes to end tax disputes, India has been facing tax litigations across sectors, including transfer pricing, royalty payments, capital gains, and so on.

Also, tax demands should differentiate between serious and less serious offences, and there should be more awareness among taxpayers regarding common mistakes, encouraging voluntary compliance and expediting the resolution of disputes to enhance tax buoyancy both for the centre and states.

However, to enhance tax buoyancy, it suggested the need to further rationalise tax rates, particularly the Goods and Services Tax (GST) rate structure, eliminate rate inversions, introduce broadband rates for similar products, and expand the tax base.