Finance Minister Arun Jaitley on Monday said India needs to move to a lower level of taxation to be globally competitive.
“What you need is lower level of taxation, to provide services more competitive in nature. Competition is not domestic, it is global. This is one important change you will witness while you will be in service,” Jaitley said at the inauguration of professional training of 68th Batch of IRS (C&CE) Officers here.
The government agreed to advance the Budget in 2017 to February 1 from the usual practice of announcing it in February-end. This time, the Union Budget and the Railway Budget would also be merged and announced as a single statement.
Jaitley further said that the India that is foreseen in future decades will be the one where voluntary compliances will have to increase and added that it will bring a change in the mindset of the tax payer accepting the legitimate of taxes as a responsibility.
“We’ve lived through last seven decades in India under the impression that if avoidance could be done of government revenue, there wasn’t anything immoral about it,” he said.