Indian taxes are still very moderate as compared to other economies : Mr. Akhilesh Ranjan, Member (Legislation), CBDT

No.PR-37

July 10, 2019

New Delhi

Indian taxes are still very moderate as compared to other economies : Mr. Akhilesh Ranjan, Member (Legislation), CBDT

Mr Akhilesh Ranjan, Member (Legislation), CBDT, while addressing a Post Budget Interactive Session 2019-20 at PHD Chamber of Commerce and Industry (PHDCCI) here today, assured to the industry stakeholders that a task force has been set up to look into all issues raised by industry on the budget announcements. He mentioned that the large scale credible tax schemes and tax administrative reforms are in the offering for India Inc and tax payer.

Mr. Ranjan also stated that today we are at that level of the economy where as much as India needs Capital , Capital also needs India as a justification for the imposition of surcharge on taxes particularly on super rich levied in Budget proposals for 2019-20.He added that as compared to other world economies Indian taxes are still very moderate. He reiterated the need for reducing the levels of inequalities, which are a great concern for the Indian economy, and said the tax on the super rich would help the government address the issue to some level. Mr Akhilesh Ranjan, assured that the government is doing its best to build a quality model and functional specialisation.

In his welcome remarks, Mr Rajeev Talwar, President, PHDCCI lauded the Budget announcements and said that the new budgetary exercise is more of a vision , blue print for a speedy growth to the desired vision of a $ 5 trillion economy by 2024 and $3 trillion economy by the end of this financial year.

In his presentation, Mr D K Aggarwal, Senior Vice President, PHDCCI pointed that Indian economy has already grown at $2.7 trillion size and remains to expand for another $2.3 trillion in next five years which conveniently achievable with its prospective growth rate of nominal 12%.

Mr Sanjay Aggarwal, Vice President, PHDCCI demanded a few more critical reforms both on policy and taxation fronts so that the intended directions of Indian economy are accomplished and India becomes a developed country with its firm inclusive growth.

Among others who were also present on the occasion comprised Mr Anil Kumar Chopra, Chairman, Direct Taxes Committee, PHDCCI; Mr Bimal Jain, Chairman, Indirect Taxes Committee, PHDCCI , Mr Ashwani Taneja, Co-Chairman, Direct Taxes Committee, PHDCCI, Mr Vikas Vasal, Grant Thornton and Dr Mahesh Y Reddy , Secretary General, PHDCCI.

Ends.

Koteshwar Prasad Dobhal

Consultant (PR)