More in tax net, high property tax to aid growth: Survey

Pitching for a major overhaul in the tax regime, the Economic Survey said India needs to increase its tax-to-GDP ratio while spending more on health and education. The report flagged steps to broaden India’s narrow tax base, arguing that 20% of individuals should pay tax on their earnings compared to just 5.5% now. The easiest way to do this would be to not raise thresholds on tax breaks, and review and phase out such exemptions.

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