Mitali Nikore discussed the structural issues in India’s tax system, highlighting that only the top 10% of income earners pay taxes. She emphasized the need for progressive taxation and suggested focusing on GST to expand the tax net. Nikore also called for reconsidering corporate and small business taxes to ensure broader revenue collection.
Banks unlikely to reduce deposit rates despite RBI easing
Following the latest repo rate decrease, bankers foresee only slight adjustments to deposit rates. The landscape, characterized by sluggish savings yields and elevated credit-deposit ratios,