The solution to increase government revenue is not confined to raising taxes. One of our first acts will be to introduce digital technology to increase revenue, minimize expenditure and corruption. We will revise the unfair burden sharing structure of the IMF supported tax code revision that is forcing professionals to seek employment abroad.

Some highlights of our revised structure that will not disturb the overall revenue targets but will reduce the heavy burden on the middle are:

• Personal income tax: Personal income tax after the Tax-free slab of Rs 100,000 per month will start at just 1% and increase up to 24% income up to around half a million per month. Thereafter, current rates will apply to high-income earners.
• Corporate income tax: We intend reducing up to 6% from the present 30% rate for profits on exports and introduce 15% Base Erosion and Profit Shifting (BEPS) minimum alternate tax for multinational companies.
• VAT: We intend to reduce VAT to 15% once tax compliance improves through the use of Public Digital Infrastructure to widen the tax net. Certain identified items in addition to essential food as consumables and inputs shall be made zero rated for VAT.
• Excise tax on cigarettes and alcohol and taxes on casinos will be adjusted to fund tax reductions.
• A guaranteed interest rate of up to 15% will be provided for senior citizen savings.