Govt should focus big on tax reforms: Assocham

Written by fe Bureau | Updated: Jul 5 2014, 07:53am hrs
Timely tax reforms should form the central plank of the new governments fiscal agenda, industry chamber Assocham said in a release on Friday.

It asked the government to remove distortions and enhance transparency, as well as predictability of tax systems, while increasing the efficiency of tax administration and boosting Tax to GDP ratio.

"The taxpayer should be treated as a valued stakeholder in the economic development of our nation, with equitable tax laws for both the taxpayers and the tax administration," it said, adding a simpler, reformed tax regime, along with speedy and timely implementation of the Goods and Services Tax (GST) and Direct Taxes Code (DTC), would play a pivotal role in driving growth.

It said it was imperative for India to widen its individual taxpayers base from 3.6 crore to 5 crore in the short term to increase tax revenues. At the same time, the taxation structure should be rationalized through a single and unified indirect tax regime and a progressive direct taxes structure.