Formalisation of economy led to tax buoyancy: Revenue secy

Revenue secretary Sanjay Malhotra, an engineering graduate in computer science from Indian Institute of Technology (IIT) Kanpur, is in favour of using technology to boost ease of doing business and check tax evasion in advance.

- Rajeev Jayaswal

Speaking to HT, he explained how the government is widening and deepening the tax base without raising rates. Edited excerpts from an interview:

Indian manufacturers are facing duty inversion after recent free trade agreements that reduced duty on finished goods, but their components still attract higher duties, making domestically manufactured goods uncompetitive.

We comprehensively review matters related to customs duty in the regular budget. As you see, we have not made any changes in customs duty in the interim budget. This is something which would be done in the regular budget after stakeholder consultation.

There are big multinational companies such as electrical vehicle and mobile phone manufacturers that want to set up units in India provided the government gives them import duty concessions. Are you considering any such proposals?