A good feature in the recent Fiscal Year 2022 Indian budget presented by the Finance Minister was the minimal change in tax rates for the year. In the past, many budgets have too frequently raised or lowered taxes for various categories of income as well as for different products and services. For companies, this can be a source of inconvenience at best but more often can be highly disruptive to their operations and can raise compliance costs significantly.
On the indirect tax side, the stabilisation of the Goods and Services Tax (GST) regime is enabling this welcome consistency in tax rates. And even on the direct tax side, the government has refrained from raising taxes, though it may have been tempted to do so in a year in which tax income would have dipped due to the pandemic-related lockdown in Fiscal Year 2021.
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