Union Finance Minister Nirmala Sitharaman urged that independent research on tax policy should become a regular part of public debate, saying tax professionals must look beyond sectoral interests and prioritize the national interest. She made the remarks at the Eighth International Tax Conference on “New Age Taxation,” organised by the International Tax Research and Analysis Foundation in Bengaluru.
Sitharaman described a mature tax policy debate as one that goes beyond sectoral considerations. She urged tax experts to rise above narrow sectoral concerns and put the nation first. The minister highlighted that the government has deliberately rationalised provisions related to Tax Deducted at Source (TDS) and Tax Collected at Source (TCS), raised thresholds and reduced unnecessary criminal penalties.
The finance minister stressed that tax policy discussions must take a broader view of India’s economic and developmental priorities, rather than being driven solely by individual sectors or professional interests. She noted that India has renegotiated its tax treaties with Mauritius, Singapore and Cyprus to restore its right to tax capital gains at source.
Sitharaman also outlined the challenges facing the country, citing tariff threats, three ongoing wars, complications around the Strait of Hormuz, and the impact of crude oil and fertiliser prices. She added that crude oil and fertilisers account for some of the country’s largest imports.
