Business Standard ·
35 yrs of liberalisation: Tax system makes progress, but reforms unfinished
India's tax system has come a long way since 1991, but simplifying GST, clearing tax disputes and improving taxpayer services remain key priorities
11 min read Last Updated : Sep 16 2026 | 12:18 AM IST
In the 1991 Budget, the then finance minister Manmohan Singh set the broad principle of tax reform — lowering the maximum marginal rate of tax, simplifying procedures, having fewer concessions and rationalising the average income tax rate at various levels of income. Singh also resorted to an amnesty scheme to unearth previously untaxed income.
