Finance Ministry has said that there was urgent need to expand tax base and improve tax compliance. Talking to reporters in New Delhi, Minister of State for Finance Jayant Sinha emphasized, the need to enhance the tax to GDP ratio in the country, which was lower than those in some of the developing economies such as Kenya, Uganda, and Nepal. He said the 14th Finance Commission's had recommended unprecedented hike in the States' share of Central taxes by 10 percentage points from 32 per cent to 42 per cent, which is a move in the direction of cooperative federalism.Mr Sinha also exhorted the officers to work on innovative ideas to facilitate starting and doing a business such as development of mobile applications to facilitate starting of business even by a small vendor or a group of students.
News On AIR | February 26, 2015 7:29 AM
Budget 2015: Need to expand tax base, says Jayant Sinha