Tax reforms: “The taxpayer will now be given the respect they deserve. The taxpayer will now be trusted, not looked at with doubt,” Prime Minister Narendra Modi said
New Delhi, August 13:
Prime Minister Narendra Modi announced key tax reforms amid the coronavirus pandemic. The new platform “Transparent Taxation – Honouring the Honest” carries forward the journey of direct tax reforms in India, such as “faceless appeals” where taxpayers don’t have to visit offices to rectify errors. Finance Minister Nirmala Sitharaman, who also attended the virtual event today, said the reforms “mark an important step forward in providing a simple and transparent taxation regime for India”.
“The taxpayer will now be given the respect they deserve. The taxpayer will now be trusted, not looked at with doubt. The (tax) department will have to carry out the steps and processes in a time-bound manner,” PM Modi said.
The Central Board of Direct Taxes or CBDT has carried out several major tax reforms in direct taxes in the recent years, the statement pointed out. Last year, corporate tax rates were reduced from 30 per cent to 22 per cent, and for new manufacturing units, the rates were reduced to 15 per cent. Dividend distribution tax was abolished.
