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Not the time for big bang tax reform January 20, 2021, 12:49 AM IST
Quick takes, analyses and macro-level views on all contemporary economic, financial and political events.
The coming budget offers narrow scope for sweeping tax reform, and the focus must be on making existing taxes work efficiently. The steep cut in corporate tax rates in 2019-20 to 22% for domestic companies and 15% for domestic new manufacturing companies from 30% provided they give up exemptions and the minimum alternate tax would take some more time to work through the system and stabilise revenues.
Lowering the goods and services tax (GST) rates and widening the tax base is the remit of the GST Council. And a reduction in personal income-tax rates can wait given the huge shortfall in revenues due to the contraction in growth.