New Delhi : The PHD Chambers of Commerce and Industry has suggested rationalization of Direct Tax rates and GST rates in order to increase tax compliance and increase the tax collections.
“It is highly encouraging to note that the direct tax and indirect tax revenue collections (including GST) have been robust in the recent months and have registered significant year-on-year growth rates in the current financial year so far, PHDCCI said in a statement here.
Considering such a strong pace, the gross tax revenue is likely to exceed the target of Rs 22.17 lakh crore, set by the Government for FY 2021-22, said its President, Pradeep Multani.
More than 50% year-on-year growth in advance tax collections for the period April-September FY 2021-22 reflects enhanced confidence of businesses and consumers on the economy, he said.
Going ahead, there is a need to rationalize the direct tax rates and GST rates to increase the tax compliance and further expand the tax base and collections, Multani added.
