India needs lower level of taxation, says finance minister Arun Jaitley

NEW DELHI: Finance minister Arun Jaitley said on Monday that India will have 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," Jaitley said.

While demonetisation may have come as a shock to many, and exposed the corrupt, Jaitley said what was required is for people to willingly come forward to pay

tax

and revenue due to the government.

"The India that we foresee in future decades will be an India where voluntary compliance will have to increase," he said.

Speaking at the inaugural ceremony of the 68th batch of

IRS

(C&CE) officers, the finance minister issued a stern message to those with unaccounted wealth: the days of evading taxes and not suffering consequences are over.

"Payment of legitimate taxes is part of a citizen's duty, and non payment is visited with severe consequences," Jaitley said.

The senior BJP leader also remarked on the culture of tax evasion which had permeated Indian society.

"We've lived through the last seven decades in India under the impression that if avoidance (of taxes) could be done, there wasn't anything immoral. It was considered as commercial smartness. Some people were visited with very serious consequences," Jaitley observed.


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