Rethinking India's Tax Code for a Progressive Future

Experts advocate for a reformed tax code emphasizing lower rates, broadening the base, and enhancing compliance to achieve India's vision of economic prosperity by 2047. Proposed changes include merging GST slabs, reducing litigation, and aligning with international practices to boost investor confidence.

India needs a comprehensive overhaul of its tax code to focus on lower rates, an extensive base, and improved compliance, according to experts speaking ahead of the national budget announcement.

The proposed 'FLAT' tax philosophy—fewer and lower rates, reduced litigation, an all-inclusive base, and collection improvements—aims to energize the economy for a thriving India by 2047.

The upcoming budget is scheduled for February 1, 2025. Former Central Board of Indirect Taxes head P C Jha recommends consolidating GST slabs to balance compliance and revenue.