India needs a better tax regime by bringing in ‘very drastic reforms’ as the share of income tax is much less compared to its Gross Domestic Product (GDP), Supreme Court Judge Justice A K Sikri has said. Speaking at the unveiling of a book on tax issues, Justice Sikri noted that various aspects need to be considered including suggestions to abolish income tax altogether as in other tax havens.
“In the entire income generated in GDP and taxation forms, how much is the share from income tax and in comparison with direct tax, it is much much less,” he said at the release of the book ‘Tax Dispute Resolution, Challenges and opportunities for India’, which has been penned by advocate Mukesh Butani.