What Percentage Of Tax Will Help The Govt's Anti-Evasion Drive?

The Central Board of Indirect Taxes and Customs had raised red flag with the Reserve Bank of India (RBI) on the Liberalised Remittance Scheme (LRS) being misused for betting overseas in its report in November 2022. The misuse allowed significant amount of tax evasion. According to a preliminary probe by the CBIC, several individuals and entities are misusing the LRS route to place bets on offshore betting platforms allegedly operating from tax havens. BTTV’s Siddharth Zarabi spoke to noted tax expert Dinesh Kanabar, CEO, Dhruva Advisors to know if increase in tax rate from 5% to 20% could help government to erase the Anti-evasion.