Recommendations appear in Niti Aayog’s Tax Policy Working Paper Series–II. It says there is a need to shift away from fear-based enforcement to trust-based governance.
Data shows 'revenue foregone' due to tax incentives mostly benefited corporates in 2004-05. Situation improved by 2013-14, but individuals became main beneficiaries only under Modi govt.
The central tax revenues as a share of GDP have fallen. The Covid impact has worsened the situation. Now it’s time to raise rates on under-taxed forms of income and wealth.
The collusion between the new class of bureaucrats, politicians, businessmen and trade union bosses perpetuates itself partly because of the short-run benefits and partly because they see no way out of the system, wrote author MH Mody in 1980.
IAF is firming up plans to revamp airlift capabilities with medium transport aircraft that will be assembled in India & serve as its main workhorse. Embraer is leading contender as of now.
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