The Indian Prime Minister Narendra Modi launched a platform 'Transparent Taxation Honoring the Honest' through a video conference today which according to him is going to strengthen efforts of “reforming and simplifying India's tax system".
Unveiling the charter that lists the taxpayer’s rights and responsibilities, PM Modi said that these reforms will save them from being harassed and will help in solving their problems as the tax system is going to be seamless, painless and faceless.
Transparent Taxation Honoring the Honest: PM Modi calls it 'honoring the honest'; Details here
He further said that the taxes along with the procedure complexities have been reduced in the country. There is no tax on income up to 5 lakh rupees and also tax-reduction in the remaining slabs. He further informed that India is among the lowest tax consuming countries in the world as far as the corporate tax is concerned.
PM Modi informed that the facility of faceless appeal is going to be enforced from September 25, 2020, for the Indian citizens while faceless assessment, taxpayer charter will be applied from today. However, the taxpayer charter has its responsibilities for taxpayers as well as they are required to pay tax on time to make the system function properly.
PM Modi informed that the country has seen a completely new model of tax administration governance and that the income tax returns have increased by 2.5 crores in the last 6 years, however, it’s is quite low as compared to the Indian population of 130 crores.
He ended his speech by urging the people who are able to pay tax and not in the tax net yet, to come forward and help the country to become a new India, a self-reliant India.
Union Minister of Finance and Corporate Affairs, Nirmala Sitharaman, and Minister of State for Finance and Corporate Affairs, Anurag Singh Thakur were also present at the launch via video conference.
Highlight points by PM Modi and Sitharaman in Transparent Taxation - Honoring the Honest:
- Faceless assessment, faceless appeal and taxpayer charter part of new platform 'Transparent Taxation – Honoring the Honest'
- Honest taxpayers play an important role in national development, said PM Modi launching new tax platform
- Policy-driven governance minimizes grey areas, cutting discretion
- Faceless assessment, taxpayer charter starts from today, faceless appeal to begin from Sep 25
- Fundamental reforms were needed in the Indian tax system
- The effort is to make tax system seamless, painless and faceless
- Taxpayer Charter outlining right and responsibility is an important development
- Tax return scrutiny has been cut to one-fourth to 0.26 percent of all returns filed
- Number of taxpayers in the country is a very small percentage of the total population
- Today is the landmark day in the history of the taxation administration, said Finance Minister Nirmala Sitharaman
- PM's vision is to empower the taxpayer, to provide a transparent system, and to honour honest taxpayers. To realize this vision, CBDT has given a framework & put in place this system, said Finance Minister Sitharaman
- Income Department officials deserve our respect, said FM Sitharaman