Finance Minister Nirmala Sitharaman highlighted the significant impact of GST on the economy, praising its role in benefiting the poor by lowering taxes on essential items and improving tax buoyancy across states.
The report claimed that once the new government takes charge, the income tax department may prevent tax base erosion, revamp laws on penalties, and impose uniform treatment for all asset classes. Currently, India follows a differential tax structure for various financial assets.
Finance Minister Nirmala Sitharaman announced the Indian government s intent to implement next-generation structural reforms in factors of production, including land, labor, capital, and digital public infrastructure. Speaking at a Ficci event, she urged the industry to be a key driver in achieving the goal of a "developed India by 2047." Sitharaman highlighted opportunities in space, logistics, AI, and R&D, emphasizing the need for industry collaboration.