Will Income Tax Ever Be "Almost Zero"? What Finance Minister Said

The Finance Minister was speaking at a graduation ceremony at the Indian Institute of Science Education and Research (IISER) in Bhopal.

Can income tax in India ever be "almost zero"?

Finance Minister Nirmala Sitharaman said Tuesday she wished that could be the case, but given the size of economic challenges facing India, including paucity of funds for research purposes, this is not likely to anytime soon.

"There are times when being the Finance Minister doesn't give me motivation... when I have to answer 'why are taxes so high... why can't they be lower'. I wish I could bring it down to almost zero but India's challenges are severe and (money is needed) to overcome these."