Request to present next year's budget tax free

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Mumbai, Ta. 12 January 2021, Tuesday

In the run-up to the Union Budget on February 1, SBI economists have urged the government to refrain from imposing new taxes and focus on finding ways to settle previous cases faster to raise resources.

In view of the epidemic and its aftermath, the government has to provide additional expenditure of Rs 2.50 lakh crore in the health sector budget. In the current financial year, the government has allocated only one per cent of GDP to the healthcare sector.

No new taxes should be imposed in the budget. "We expect the budget for the next financial year to be a relief budget on the tax front," said a report released by SBI.

The government's sincere efforts to permanently settle tax cases could be a game changer. Looking at the data available till the financial year 2017, it seems that various cases covering an amount of Rs 2.50 lakh crore are under controversy.

Among the cases in dispute are Rs 3.04 lakh crore related to corporate tax and Rs 4.5 lakh crore related to income tax, while Rs 1.3 lakh crore is related to commodities and service tax, the report said.

It is also requested to keep any cess related to Corona for one year only.

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