Hyderabad: Finance Minister Etela Rajender on Friday wanted a scientific taxation system to benefit both consumers as well as government.
He delivered a speech in a seminar organised by the State-Level Bankers Committee (SLBC) here. The Minister expressed that due to the high taxation, people are overburdened and are trying to evade taxation. If the government can make it in a scientific way, more people will come under the taxation system. Mentioning about the Goods and Services Tax (GST), he said the new system should address such lacunas in the tax method.
“We are expecting drastic changes to happen once the new tax system comes into force,” Rajender said. Adding this, he said tax slabs pertaining to the commercial transactions should be altered to bring more commercial activities under the tax system.
He appealed to the Central government to take more steps for the easy tax payment methods in view of the GST and it should be more practical oriented to prevent zero transactions taking place in various businesses.