Experts Advocate for Taxation Reform to Boost 'Viksit Bharat' by 2047

Experts emphasize the need to shift from traditional high tax rates to a more expansive tax base with moderate rates to achieve 'Viksit Bharat' by 2047. They suggest simplifying the GST regime, enhancing taxpayer experience, and addressing issues like tax evasion and the informal sector's integration into the formal economy.

Experts are urging a significant shift in India's taxation policy to achieve the vision of 'Viksit Bharat' by 2047. They recommend transitioning from high tax rates to a broader tax base with moderate rates.

Sudhir Kapadia of EY India highlighted the need for reform, citing moderate tax rates as key to fostering transparency and compliance. He advocated for simplified tax structures for businesses and individuals.

Kaushik Dutta from Thought Arbitrage Research Institute pointed out the challenges posed by the informal economy, while Pulin B Nayak emphasized that increasing the tax-to-GDP ratio is crucial for government spending on public goods and infrastructure.