*”Bridging the Tax Gap: India’s Path to Progress”*
India’s economic growth has been remarkable, but a stark reality remains – only 2.2% of the adult population pays income tax. In contrast, developed nations like France (78.3%), USA (50.1%), Germany (61.3%), and UK (59.7%) have significantly higher tax compliance rates. This disparity underscores the need for India to address its tax gap and foster a culture of compliance.
*”Taxing Times: India’s Opportunity for Growth”*
As India strives for economic supremacy, it’s crucial to acknowledge the paltry 2.2% of adults who contribute to the nation’s income tax revenue. This figure pales in comparison to developed countries, where tax compliance is the norm. To bridge this gap, India must implement policies that encourage voluntary compliance, simplify tax procedures, and broaden the tax base. By doing so, India can unlock its true potential, fund vital public services, and secure a brighter future for its citizens. The time to act is now.
