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of <h1>Finance Minister Highlights Tax Reforms: Increase in Tax-to-GDP Ratio and Commitment to Fewer Exemptions in 2008 Finance Bill.</h1> The Finance Minister addressed the Lok Sabha on the Finance Bill, 2008, highlighting tax reforms under the UPA Government. He noted the increase in the tax-to-GDP ratio from 9.2% in 2003-04 to 12.5% in 2007-08 and the rise in taxpayer numbers. Gross tax revenues grew significantly, and tax collection costs remained low. While some advocate higher taxes on the wealthy, the Minister emphasized reducing tax exemptions over raising rates. He expressed a commitment to reforming the tax system, with the upcoming Income Tax Code reflecting these principles, aiming for fewer and periodically reviewed exemptions.
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