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IT'S TIME TO INDEX INDIA'S TAX SYSTEM AGAINST INFLATION
Mint Mumbai
|November 12, 2024
One of the big stories of the Indian economy has been the sharp increase in personal income tax collections.
The personal income tax collections (excluding securities transaction tax) stood at ₹4,52,286 crore in April-August FY25, up 25.5% from ₹3,60,381 crore in the year-ago period. Hopefully, it should lead to a more stable and equitable tax base for India.
As the central government's revenue from personal income tax increases, it is likely to face greater scrutiny and higher taxpayer expectations regarding the tax system's efficiency, transparency, stability, and fairness. Some of these sentiments came through as the government brought about the rationalization of capital gains taxes.
Interestingly, the growth in these collections has also coincided with significant changes in India's personal tax system. The Indian tax system is primarily divided into two categories: the old tax regime and the new tax regime.
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