Adjusting Tax Strategies for 'Viksit Bharat' Vision by 2047

To materialize the ambitious vision of a 'Viksit Bharat' by 2047, experts suggest a pivotal overhaul in the country's taxation approach. The key lies in a paradigm shift towards prioritizing revenue escalation through both moderating taxation rates and broadening the tax base. This strategic redirection is essential to spur economic growth, increase public welfare, and stabilize fiscal structures.

Emphasis on Tax Base Expansion

The current discourse among policymakers and economic strategists accentuates the significance of tax base augmentation. This involves identifying and harnessing novel revenue streams and ensuring a more inclusive taxation system that captures a wider cross-section of the economy. Expanding the tax base can mitigate excessive tax burdens on existing payers and lead to more equitable tax policy.

Advocating for Moderate Tax Rates

Another integral aspect of this discourse is the advocacy for the reduction of tax rates. Experts argue that lower tax rates can potentially lead to increased compliance, reduce the incentive for evasion, and create an environment more conducive to business and investment growth. Furthermore, it's believed that such a strategy can stimulate economic activity, thus indirectly boosting tax revenues over time.

taxation, revenue, growth