Larger incomes to tax or larger taxes on incomes?
Budget 2020 cares for people’s economic aspirations, says Axis Bank’s Akhilesh Tilotia Financial Express India’s response to its dilemma will determine whether budgets of the next decade will have larger incomes to tax or larger taxes on incomes. This Budget Speech of the finance minister was one of the longest in recent history. Her previous Budget speech in July last year was around 11,000 words. This one was more than 13,000. Part A of the speech went from 8,000 words to 9,000. Part B went from 3,000 to 4,000. This depicts the relative importance attributed to the plans and schemes of the government and changing tax structures. The FM’s pictorial depiction of the bouquet of government schemes held by two caring hands of governance and financial sector reinforces the work required in building and unclogging the plumbing of the BFSI sector. There are many proposals that build on the agenda of liberalisation and privatisation such as the proposed Initial Public Offering (IP...