Budget 2023 Expectations: Along with increasing the tax base in fast growing sectors, the government should focus on abolishing cess and surcharge. Before the general budget, ‘Think Change Forum’ (TCF) has given this opinion to the Finance Ministry.
The research institute TCF also said that the government should also consider improving tax compliance and reducing tax rates.
Government needs to increase tax revenue
According to the statement issued by TCF, experts are of the opinion that the government needs to increase tax revenue to accelerate economic growth and invest in developmental activities. Poor tax compliance was found to be a major obstacle in achieving the targeted collection. Due to this, we are facing high taxation, complex tax structure and increasing litigation.
In a brainstorming session organized by TCF, P C Jha, former chairman of the Central Board of Indirect Taxes and Customs (CBIC), said, “Enforcement agencies are working hard to check illegal trade, but tax evaders are one step ahead. and are using new techniques for smuggling. He also stressed on the use of state-of-the-art tools by the government to catch tax evasion.
