India needs lower level taxation |
India`s finance minister Arun Jaitley said that India will have to move to a lower level of taxation to be globally competitive.Lower level of taxation is needed to provide services more competitive in nature. Competition is not domestic, it is global. While demonetisation may have come as a shock to many, and exposed the corrupt, Jaitley said what was required is for people to willingly come forward to pay tax and revenue due to the government. In coming decades voluntary compliance will have to increase. The finance minister issued a stern message to those with unaccounted wealth: the days of evading taxes and not suffering consequences are over.Payment of legitimate taxes is part of a citizen`s duty, and non payment is visited with severe consequences, Jaitley said.
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