The record
Written from the 1 report below. Nothing here is unsourced.
- Finance Minister Nirmala Sitharaman, speaking at a global tax conference in Bengaluru, asked industry and tax professionals to go beyond demands for lower taxes and sector-specific exemptions, and instead submit evidence-backed tax reform proposals that assess broader impacts on the tax base and compliance.
- She expressed concern over 'continuous negative commentary' on growth, saying the economy is on a strong footing despite external headwinds.
- She also cited government steps to reduce tax litigation, including the Vivad Se Vishwas scheme and raised appeal thresholds, and noted challenges in taxing the digital economy and crypto assets, which will continue to attract a 30% tax and 1% TDS pending more clarity.
What to watch next
- Whether industry submits the broader, evidence-based tax reform proposals the FM has asked for ahead of the next Budget.
- Any changes to the 30% tax and 1% TDS on crypto and virtual digital assets as stakeholder discussions progress.
- Further measures to reduce tax litigation and simplify compliance.
Who said what2
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Nirmala Sitharaman
2 quotes · 1 outlet
“I don’t question the sincerity of these (pre-Budget) representations and submissions. Each sector naturally argues from the standpoint it represents. But a mature tax policy debate must go beyond sectoral consideration”
In the article
…Foundation. The minister appealed to tax professionals and institutions to not limit themselves to the sectors they represent and help bring independent tax policy research to become part of the public discourse. “ I don’t question the sincerity of these (pre-Budget) representations and submissions. Each sector naturally argues from the standpoint it represents. But a mature tax policy debate must go beyond sectoral consideration ,” Sitharaman said. “I wish to hear a submission that says: here is a provision that no longer serves the tax system and ought to be removed even though we presently benefit from it, and (another provision) would be…
“I wish to hear a submission that says: here is a provision that no longer serves the tax system and ought to be removed even though we presently benefit from it, and (another provision) would be better than this one.”
In the article
…sincerity of these (pre-Budget) representations and submissions. Each sector naturally argues from the standpoint it represents. But a mature tax policy debate must go beyond sectoral consideration,” Sitharaman said. “ I wish to hear a submission that says: here is a provision that no longer serves the tax system and ought to be removed even though we presently benefit from it, and (another provision) would be better than this one. ” The proposals must also specify the compliance requirements they may call for, the potential beneficiaries and the consequence of any such changes on the broader tax base, said the minister, urging professionals to…
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Named India · Income Tax Appellate Tribunal · Supreme Court · International Tax Research and Analysis Foundation · Nirmala Sitharaman
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