The Centre is considering a gradual phasing out of certain direct tax exemptions meant for corporate and personal tax payers. This is among the tax proposals being discussed for the upcoming Union Budget 2022-23.
A top policymaker told Business Standard that according to the government's internal assessment, the percentage of corporates and individuals shifting to the new exemption-less tax regime has been very encouraging, and the Budgetmakers expect many more to make the switch in the coming years. The person also said the finance ministry is exploring the option of rationalising the capital gains tax rates.
"We are very encouraged by what we have seen so far. The shift to the new rates will happen gradually, as some companies and individuals would like to hold on to the exemptions they are availing. But as more and more people shift to the new tax brackets, we will slowly phase out some exemptions," the official said.
In September 2019, Finance Minister Nirmala Sitharaman had announced new corporate tax rates.
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