Sanjay Malhotra, Revenue Secretary under the Ministry of Finance, has said that the effort in the taxation part of the budget is how we simplify and build a trust-based relationship and increase revenue, but without increasing rates.
Addressing the interactive session of FICCI Union Budget 2023-24He emphasized that the increased tax buoyancy at 24% was “not because we have increased rates” but a result of “increasing the tax base from 60 lakh to 140 lakh in five years”.
Malhotra said that “this budget is about sustainable development in the country” and ensuring that “every individual benefits”.
Underlining that there is something for every section of the society, he said, “the government has tried to ensure that the benefits of development are passed on to them through transfers and other means”.
The secretary stressed that “the budget is about partnership and confidence building” on the taxation front.
Speaking on the occasion, Arun Chawla, Director General, FICCI said, “Yesterday’s announcements capture the pulse of the economy while maintaining credibility, both in terms of projections as well as commitment to the fiscal consolidation glide path”.
Further, he said that the revision in tax rates under the new regime would be good on the consumption side as the thrust of the tax proposals has been to continue with the policy of a stable, simple and predictable tax regime.
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