NITIN GADKARI: Union Minister Nitin Gadkari has provided important instructions to the industry. According to him, the industry has made it clear that the government should not appeal to the GST and other tax cuts. He warned that the government needs to preserve the amount of income and that tax cuts will have a negative impact on the economy.
Nitin Gadkari Highlights RISKS OF LOWERING TAX RATES
In particular, Gadkari said that industries are often pressing for tax cuts, but it is likely to hurt market stability. He said that government revenues need to be used for welfare programs and infrastructure development. He believes that despite the temporary profit, the impact will be negatively negative.
He pointed out that the state governments are also at risk of financial deficit due to tax cuts. He urged the industry to improve business profits by increasing self -efficacy and to cooperate with the government to prevent income damage.
Against this backdrop, Nitin Gadkari has made key suggestions to the industry. The tax system is critical to the economic stability and development of the country. Therefore, industries must balance and explore other ways instead of tax cuts for business development.