PM Narendra Modi on Thursday launched a new tax reform “Transparent Taxation Honouring the Honest”, to further simplify India’s direct Tax system.
In his address to the nation, PM Modi said, “Transparent taxation system is very important. This platform we are launching today will make the tax system faceless. We are starting a new journey today. New arrangements, new facilities, starting today, strengthen our commitment to Minimum Government, Maximum Governance. This is a big step in the direction of reducing the interference of the government from the life of the countrymen.”
In simple words, the motive of the tax reform is to pull away any interaction between the tax officers and taxpayers. This has the potential to reduce interference between the two aforementioned parties and empowers the taxpayer. The new tax reform ensures reduce harassment, as well as increases the efficiency of the department.
The tax reform is among some major ones in the last couple of years. Only last year, the Modi Government has reduced corporate tax rates from 30 per cent to 22 per cent. The government has also reduced tax for new manufacturing units 15 per cent. The dividend distribution tax was also abolished.
The PM in his address on Thursday said that the tax reform will bring a sense of fearlessness in Indians.
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The PM said that the new platform will be having faceless assessments, faceless appeal and taxpayer charter. While the faceless assessment and taxpayer charter will come into power from today itself, the faceless appeal, on the other hand, is going to be applicable from September 25.