New Delhi: NITI Aayog CEO B.V.R. Subrahmanyam on Friday underlined the importance of a stable and predictable tax regime to attract investment, create jobs, and drive India’s growth.
Releasing the first working paper on tax policy, Subrahmanyam said that uncertainty in tax laws discourages businesses and ordinary citizens alike. “Uncertainty is not good for investment or for citizens. People want stability, predictability, uniformity, and transparency in taxation,” he remarked.
He explained that vague or confusing tax laws lead to disputes, litigation, and inconsistent application. This, in turn, affects existing businesses and makes new investors hesitant. “If a law can be read in different ways, it means taxes are applied differently. This drives people away. What investors want is certainty,” he said.
A new working group on tax policy has been formed with experts from government departments, tax authorities, and external specialists. The group will prepare detailed papers to simplify tax laws, make compliance easier, and ensure that India’s tax framework is future-ready.
Highlighting reforms, Subrahmanyam pointed to the rollout of GST 2.0, which rationalised tax rates. He added that the government is reviewing issues like multiple TDS rates, overlapping provisions, and complex filing processes to make taxation more business- and citizen-friendly.
India, he said, needs a modern and transparent tax structure to achieve its goal of becoming a developed nation by 2047.
Leave a Reply