Tax reforms must be govt's top priority in upcoming Budget: Arvind Virmani

by Nidhi Bhati

According to former Chief Economic Advisor (CEA) of India Arvind Virmani, government’s priority must be to reform India’s tax system in the upcoming Union Budget 2021-22. Emphasis must be given to update the direct tax code and work towards simplifying the Goods and Services Tax (GST) structure. Virmani further said that import tariffs needed to be selectively applied in a phased manner to enable minimum efficient scale in niche markets where India’s exports were competitive.