Focus on GST and DTC first

The chairman of the Prime Minister’s Economic Advisory Council, C Rangarajan, has advocated a higher tax slab for the country’s ‘super-rich’ individuals, than the current peak rate of 30%, as an additional source of augmenting government revenues. India’s tax revenue has been falling—from a high of 11.9% of GDP in 2007-08 to 10.1% of GDP in 2011-12. The budgeted tax-to-GDP ratio for 2012-13 is 10.6% of GDP, and indications are that the government is unlikely to meet the target.

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