Don’t Beg for Tax Relief; It’s Embarrassing: Revenue Secretary Tarun Bajaj

Don't Beg for Tax Relief; It's Embarrassing: Revenue Secretary Tarun Bajaj

Reetu | Feb 28, 2022 |

Don’t Beg for Tax Relief; It’s Embarrassing: Revenue Secretary Tarun Bajaj

Don’t Beg for Tax Relief; It’s Embarrassing: Revenue Secretary Tarun Bajaj

On Monday, the government made it clear that it was moving away from tax exemptions. While Finance Minister Nirmala Sitharaman has stated that India needs to “enlarge its tax base”, Revenue Secretary Tarun Bajaj has stated that tax exemptions “primarily help the superrich.”

“We have a new income tax regime without exclusions that will never take off if we continue to give exemptions,” Bajaj remarked during a post-Budget 2022-23 industry discussion in Chennai. “We should have greater tax slabs and lower tax rates that aren’t reliant on tax arbitrages that we’ve established in far too many things,” says the author.

“In 2019, 80 percent of the Rs.75,000 crore in capital gains were made by persons earning Rs.50 lakh and more,” Bajaj said of long-term capital gains. “Are you up to the challenge? Please do not inquire about these exceptions. It’s humiliating. We’ve already been accused of inequality, with the wealthiest getting richer while the poor go poorer.”

“We’re shutting our eyes and giving tax breaks to non-profit educational institutions.” Only the wealthy will gain from donations and tax benefits, according to the revenue secretary.

“Please tell us here where we can raise more taxes gently, this would enable us spend more,” said Finance Secretary TV Somanathan. “To enhance GDP spending on education to 6%, the tax-to-GDP ratio must be quadrupled from its current level of 10-11 percent.”

StudyCafe Membership

Join StudyCafe Membership. For More details about Membership Click Join Membership Button
Join Membership

In case of any Doubt regarding Membership you can mail us at [email protected]

Join Studycafe's WhatsApp Group or Telegram Channel for Latest Updates on Government Job, Sarkari Naukri, Private Jobs, Income Tax, GST, Companies Act, Judgements and CA, CS, ICWA, and MUCH MORE!"




Author Bio
My Recent Articles
GST Rate of 18% Applicable on hiring services of AC system and fire extinguishing system [Read AAR] Printing and Supply of Text Book to JCERT is Supply of Goods for GST [Read AAR] Penalty of Rs. 75000 Levied on Company and Director for Non-Filing of Form INC 20A CBI Court Sentenced Ex-Branch Manager of UCO Bank to 5 Years Rigorous Imprisonment Company penalised for using Equity Funds before filing PAS-03View All Posts