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Agarwal was addressing a seminar organized by the Telangana Chamber of Commerce and Industry (FTCCI) on “Implications of the General Budget 2023-24 for commerce and industry afterward.”
India is one of the countries that spends the least in the collection of income taxes. Shishir Agarwal, chief commissioner of the Hyderabad Income Tax Department, said on Thursday that the cost of collecting the 100 rupee income tax in India is 57 paise. Agarwal was addressing a seminar organized by the Telangana Chamber of Commerce and Industry (FTCCI) on “Implications of the General Budget 2023-24 for commerce and industry afterward.” “We spent only 57 paise to collect 100 rupees in income tax,” he said in a statement.
We are among those who spend the least on this. Great Britain spends 73 paise, Japan 174 paise, Germany 135 paise, Canada 150 paise and France 111 paise to raise 100 paise in income tax. In this case, only the United States spends less than we do. On the general budget tabled in Parliament on Wednesday, he said that it is a development-oriented budget and it has been tabled keeping in mind the policies of the Government of India and the target of 2047. FTCCI Chairman Anil Agarwal said that Finance Minister Nirmala Sitharaman presented a people-focused budget taking into account the global recession and slow growth rate.
Disclaimer:Prabhasakshi has not edited this news. This news has been published from PTI-language feed.
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