The writer is Contributing Editor at The Indian Express, and Consulting Editor at Network 18
Maximise revenue, minimise tax
India has just one policy option to advance private investment and become a $5 trillion economy — reduce corporate tax rate for all firms to 22 per cent, reduce misguided rates of personal income tax.
Budget 2019-20 contained major tax changes to direct taxes, both personal and corporate. It may have been the last time that we witnessed such changes. Very likely, when Budget 2020-21 is presented, the government would have accepted the direct tax code report, and direct taxes will go the way of excise taxes — out of the budget.
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