“There were representations to us from many sectors that they wanted this to be simplified. So the motive is for simplification and that, I think undeniably there is a considerable simplification; almost everything long term is at 12 5 per cent and almost everything is now, if it’s listed, it’s one year for long term. If it’s unlisted it is two years. So the three-year category has gone and most things are now unified. At the 12.5 per cent rate. So yes, it is simplified. The second motive was increasing revenue. So this was not a revenue neutral exercise. It is not unintentional that there is a revenue increase,” says Dr TV Somanathan in a conversation with businessline Editor Raghuvir Srinivasan

Be sure to check out the other videos below,

Breakfast with BL | Union Finance Secretary Dr TV Somanathan on the debt to GDP ratio

Breakfast with BL | Union Finance Secretary Dr TV Somanathan on the employment schemes in the Budget

Breakfast with BL | Union Finance Secretary Dr TV Somanathan on conservative nature of the Budget