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Indian Budget 2007-08- Full Text of Budget Speech


122. Mr. Speaker, I shall now present my tax proposals. 123. The UPA Government promised that "tax rates will be stable and conducive to growth, compliance and investment". The increase in gross tax revenue is proof of a promise fulfilled. While we have raised more tax revenue, we have also left more money in the hands of the people as savings and for investment.

124. Gross tax revenue has grown by 19.9 per cent, 20.0 per cent and 27.8 per cent in the first three years of this Government. The tax to GDP ratio has increased from 9.2 per cent in 2003-04 to 11.4 per cent in 2006-07. We intend to keep our tax rates moderate and stable and administer the tax laws in a tax payer-friendly manner.

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