Bengaluru, Sep 16 (PTI): Union Finance Minister Nirmala Sitharaman on Wednesday called for independent research on tax policy to become part of public discourse, saying tax professionals must look beyond sectoral interests and put the national interest first.
Sitharaman was speaking at the Eighth International Tax Conference on ‘New Age Taxation’ here organised by the International Tax Research and Analysis Foundation. “A mature tax policy debate must go beyond sectoral considerations,” she said, urging tax professionals to “rise above sectoral consideration and put nation first.” Sitharaman said the government had deliberately rationalised provisions relating to Tax Deducted at Source (TDS) and Tax Collected at Source (TCS), raised thresholds and reduced unnecessary criminal consequences. The finance minister stressed the need for tax policy discussions to take a broader view of India’s economic and developmental priorities, rather than being driven solely by individual sectors or professional interests. On international taxation, the finance minister said India renegotiated its tax treaties with Mauritius, Singapore and Cyprus to restore its right to tax capital gains at source. Sitharaman said India faced its own set of challenges on the path to growth and development, but was better placed despite the difficult global environment.
She cited tariff threats, three ongoing wars, complications around the Strait of Hormuz and the impact of crude oil and fertiliser prices as challenges and said crude and fertilisers account for some of the country’s biggest imports.
