R Kavita Rao

At the aggregate, the ratio of revenue foregone to total revenue collected has declined for corporate tax, especially in the last three years for which data is available

The former could take the form of a tax cut, while the latter could involve a stimulus targeted at specific segments of the economy, particularly those linked to employment generation

From rate rationalisation to cess management and expanding the GST base, India's evolving tax regime faces critical design and compliance challenges requiring balanced reforms

There are two ways of looking at this problem - first, has the composition of reported income changed? And second, has the composition of assets changed?

A shift in focus towards private investment is required to sustain the growth momentum. This should be a concern for policymakers

This change in the design of the tax regime was argued to shift the revenue to consuming states from producing states

Any proposed reforms, therefore, need to be analysed from this perspective as well

The budgetary provisions on the taxation of capital gains could help foster change in trading behaviour and address inequality

To push the decentralisation project forward, the first step is to create and distribute information on the activities and finances of local bodies

In a Budget celebrating the achievements in the last decade, there are few announcements with any fiscal magnitude attached