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Our Bureau

New Delhi , Aug. 20

A PARLIAMENTARY Committee has expressed "grave concern" over the low tax-gross domestic product (GDP) ratio in India compared not only to developed countries but many developing countries as well. The country's tax-GDP ratio slipped to 9.2 per cent in 2003-04 against 10.1 per cent in 1990-91.

In its report tabled in Parliament on Friday, the Standing Committee on Finance has asked the government to make earnest efforts to achieve a higher tax-GDP ratio.

The report highlighted that the Government's efforts to augment the tax resources through various measures have not resulted in substantial increase in revenue, thereby painting a pessimistic picture of the tax-GDP ratio. It held that the distortion (gap between the tax-GDP ratio of India and other developing countries) is largely due to the fact that large numbers of prospective taxpayers are yet to be brought under the tax net.

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