Addressing a post-budget discussion organised by industry body FICCI, Malhotra further said that the government’s thrust is on improving trust, having tax rates without increasing the tax cuts and on certainty and stability.
Central Board for Direct Taxes (CBDT) chairperson Nitin Gupta, who was also present on the occasion, said that the government has tried to prevent leakage of revenue through appropriate changes.
“Our approach to the budget, on the customs side, is of simplification. We have brought down the number of rates from 21 to 13,” Vivek Johri, chairperson, Central Board of Indirect Taxes and Customs (CBIC) said during the interactive session on the Union budget.
“We have once again looked at exemptions in the budget which are no longer needed. Also, we have carved out exceptions for the condition exemptions in the law,” Johri said further.