Future reforms to focus on harnessing potential of the informal sector
₹2 crore to a level more in sync with today’s realities, Sudhir Kapadia, Tax Partner at EY said. A higher and realistic turnover threshold incentivises voluntary compliance.
Under the scheme, 6% or 8% of the turnover will be treated as the income of the entity, subject to riders relating to the mode of receipt. Finance minister Nirmala Sitharaman has in recent months highlighted the need for Centre-state synergy for the next generation of reforms.
Some of the reforms, for example, inclusion of electricity in GST and power sector reforms require states’ support. Emails sent on Wednesday to the Prime Minister’s Office, finance ministry and to NITI Aayog seeking comments for the story remained unanswered at the time of publishing.Milestone Alert!
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