Home / News / India /  Budget aims at simplifying taxation and increasing revenue: Official

Sanjay Malhotra, revenue secretary under the Ministry of Finance has said the effort in the taxation part of the budget is how we simplify and build a trust-based relationship and increase revenues, but without increasing the rates. 

Addressing the FICCI’s Interactive Session on Union Budget 2023-24, he emphasised that the increased tax buoyancy, at 24%, is “not because we have increased the rates" but rather a result of the “increase in the tax base from 60 lakhs to 140 lakhs over five years". 

Malhotra said that “this budget is about continuing growth in the country" and ensuring that the “benefits percolate to each and every individual". 

He underscored that there is something for every segment of society, adding, “the government has tried to ensure that the benefits of growth are passed on to them through transfers and other means". 

The Secretary emphasised that on the taxation front “the budget is about partnership and building trust". He noted that decriminalisation of certain provisions in GST and income tax along with schemes for presumptive taxation will make taxpayers life simple. 

Speaking on occasion, Arun Chawla, Director General, FICCI, noted, “the announcements made yesterday capture the pulse of the economy while retaining credibility, both in terms of projections as well as committing to the fiscal consolidation glide path". 

Further, he added that the revision in tax rates under the new regime would augur well on the consumption side as the thrust of the tax proposals has been to continue with the policy of a stable, simple and trustworthy tax regime.

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