Hyderabad, Dec 20 (PTI) Telangana on Friday urged the Centre to simplify the Income Tax slabs and reduce corporate tax rates to enhance ease of doing business.

In his speech at the pre-Budget meeting of the Union Finance Minister Nirmala Sitharaman at Jaisalmer, Rajasthan, Telangana Deputy Chief Minister Mallu Bhatti Vikramarka said streamlining IT and GST filing processes is vital as these processes currently consume weeks for mid-sized and large businesses.

Also Read | Ajmer Dargah Case: Next Hearing Concerning Claim of Temple Within Dargah Premises To Be Heard on January 24, 2025.

Expanding the tax base through digital tracking of financial transactions and encouraging voluntary compliance are also key measures, he opined.

"Reforms to the Income Tax Act are a welcome step. India's current tax system is complex, leading to compliance burdens for individuals and businesses alike. Telangana urges simplification of tax slabs and reduction of corporate tax rates to enhance ease of doing business," Bhatti said.

Also Read | CT Ravi Gets Relief in 'Derogatory Remark' Case, Karnataka HC Orders Immediate Release of BJP MLC; Party Workers Celebrate Across State.

Telangana supports a realistic fiscal deficit target of 4.5 per cent of GDP to sustain momentum in infrastructure and employment generation and from FY27 onwards, the state will emphasise a growth-driven approach to reducing the debt-to-GDP ratio rather than an austerity-driven strategy.

Telangana requests enhanced special assistance to states for capital expenditure with an allocation of Rs 2.5 lakh crore annually, he said.

Stating that gig workers are an emerging workforce segment contributing significantly to the economy but often lack social security and fair working conditions, he said Telangana recommends establishing a national framework for gig worker social security, including health insurance, pension schemes, and accident coverage.

"Formal recognition of gig workers is essential to ensure minimum wage protections and access to labour rights. Creation of a grievance redressal mechanism to address disputes between workers and platforms efficiently is critical. Encouraging platform companies to contribute towards gig workers' welfare funds is equally important," Bhatti said.

Maintaining that despite being among the fastest-growing states and contributing significantly to the national economy, Telangana has been underfunded with respect to centrally sponsored schemes, he said requesting allocations, based on population ratios, should be disbursed promptly without bias.

(This is an unedited and auto-generated story from Syndicated News feed, LatestLY Staff may not have modified or edited the content body)