Recently Prime Minister Narendra Modi had launched a new platform which is to honor the honest taxpayers. The new platform is created in a bid to give rewards to the taxpaying citizens of India.
For the transparent taxation for honoring the honest, the platform was through video conferencing and the Prime Minister Narendra Modi also laid out the next phase of reforms of direct taxes which aimed at easing the tax compliance and also about the rewarding the honest taxpayers in the midst of the COVID-19 pandemic which has been in the peak stage in the Indian economy as because of the rising in the number of cases and the sudden lockdown.
On Wednesday, Narendra Modi wrote on his twitter account that this platform will give strengths to the government’s efforts of reforming and simplifying the tax system and it will also give benefits to several honest taxpayers whose hard work powers national progress. In recent years the Central Board of Direct Taxes (CBDT) had carried out many tax reforms indirect taxes. Previous year the Dividend distribution Tax was also abolished and the corporate tax rate was reduced from 30 percent to 22 percent and for new manufacturing units, the rates were reduced to 15 percent. While prime minister Narendra Modi while speaking on the occasion said that the new platform will be having a faceless assessment, faceless appeal, and taxpayer charter.
From today itself the faceless assessment and taxpayer charter will come into place, while frim September 25th the faceless appeal is going to be applicable. Modi also said that in the tax system of India the fundamental reforms were needed and he also added that the governments effort us to make India’s tax system painless, seamless, and faceless. He also added that in a country of 130 crore people only about 1.5 crore citizens were paying taxes. While on his speech Modi also said that every rule, law, and policy is being taken out of power centric approach and it is now being turned into people-centric and public friendly.
When there is complexity the tax compliance becomes difficult, if the law on tax us easy and clear, then the taxpayers are happy and so is the country. He also explained that this work has been in process for some time and now, goods and services tax (GST) has come in place of dozens if taxes. Citizens who are not in the tax net should come forward and file tax returns, those who are able to pay tax but they are not in the tax net, they should come forward with self-motivation, this was the concluding lines of Modi’s speech.
