Bengaluru, Sept 17:
Union Finance Minister Nirmala Sitharaman on Wednesday called for independent research on tax policy to become part of public discourse and urged tax professionals to look beyond sectoral interests while considering the country’s broader economic priorities.
Addressing the Eighth International Tax Conference on ‘New Age Taxation’, organised by the International Tax Research and Analysis Foundation, Nirmala Sitharaman said a mature debate on tax policy should go beyond the interests of individual sectors.
She urged tax professionals to rise above sectoral considerations and place the national interest at the centre of tax policy discussions.
Sitharaman said the government had deliberately rationalised provisions relating to Tax Deducted at Source (TDS) and Tax Collected at Source (TCS), raised thresholds and reduced unnecessary criminal consequences.
She said discussions on taxation should take into account India’s wider economic and developmental priorities rather than being driven solely by the interests of particular sectors or professional groups.
On international taxation, Nirmala Sitharaman said India had renegotiated its tax treaties with Mauritius, Singapore and Cyprus to restore the country’s right to tax capital gains at source.
She said India faced several challenges on its growth and development path but remained better placed despite the difficult global environment.
Among the challenges, she cited tariff threats, three ongoing wars, complications around the Strait of Hormuz and fluctuations in crude oil and fertiliser prices. She noted that crude oil and fertilisers account for some of India’s major imports.