No more tax wishlists? FM Sitharaman asks experts to make the case for what should go
Finance Minister Nirmala Sitharaman urged tax professionals and industry bodies to move beyond demands for exemptions and rate cuts, asking them to identify provisions that no longer serve the tax system, even when they benefit from them. She said India remains better placed economically despite global challenges and sought evidence-based tax reforms.
Finance Minister Nirmala Sitharaman challenged tax professionals and industry bodies on Wednesday to identify provisions no longer serving the tax system, even if they benefit their own sectors. Addressing the International Tax Research and Analysis Foundation's (ITRAF) 8th International Tax Conference in Bengaluru, Sitharaman emphasized a more mature, evidence-based tax policy debate focused on national interest.
She urged stakeholders to submit quantified alternatives that consider the impact of proposed changes on revenue, administration, compliance costs, and other taxpayers, rather than relying solely on sectoral interests. Sitharaman highlighted the Centre's tax reforms aimed at reducing litigation, citing the Vivad se Vishwas schemes, increased monetary thresholds for departmental appeals, and the replacement of the Income Tax Act with a shorter, plain-language code.
She also emphasized the need for independent tax policy research and urged stakeholders to consider unintended consequences and national interests in their proposals.
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