Union Budget 2016-17: Reduce tax burden on existing tax payers, says Harsh Pati Singhania

Broaden the tax base - only 3 per cent of population pay taxes, i.e. 3.5 crore people out of 125 crore. For comparison 45 per cent of US citizens pay taxes.

By Harsh Pati Singhania  
Tuesday, February 23, 2016

Harsh Pati Singhania
1.    Demand revival is the key

 

a. Broaden the tax base - only 3 per cent of population pay taxes, i.e. 3.5 crore people out of 125 crore. For comparison 45 per cent of US citizens pay taxes

 

b. reduce the tax burden on existing tax payers and incentivize spending  

 

2.    Take measures to increase competitiveness of domestic industry

 

The success of Make in India depends upon our competitiveness and improvement in ease of doing business. The govt. has already made some effort in this regard, like moving towards digitization, simplification of procedures, single-window clearance etc.

3.    Address the inverted duty structure4.    Fiscal Consolidation should be undertake in a prudent mannerAlternatives to #5

 

5.    Reduce customs duty on wood logs/ chips

6.    Tax treatment of Corporate Social Responsibility Expenditure7.    Incentivize investments in renewable energyHarsh Pati Singhania  is VC and MD, JK Paper and Director JK Organisation.

 

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